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“By the end of 2020 In 2021, it seemed that Vilnius home sales had already reached their peak and there is no room to go any higher, but in 2021. The first quarter reveals that we continue to turn at a very fast and dizzying pace” bugivugi ” One record beats another: 1,025 apartments sold in March, an absolute monthly record; 2,664 apartments sold during the quarter, an unprecedented quarterly record; annual growth – 93 percent. It seems that the purchase of an apartment during the quarantine has become in a very fun hobby or in a sports interest to spend money, because it is feared that it will devalue ”, he quotes the comment to Tomas Žiaugra, director of the company’s development project.
According to Tomas Žiaugra, the company’s development project manager, developers still have an increase in income, but the sustainability of these phenomena is beginning to worry us.
“Obviously, developers, builders and others who win in this sector can applaud to stand up and enjoy growing revenues. It is also appreciated that at least one sector of the economy is not asking for state support during a pandemic, but is simply filling the state bombing and keeping jobs. However, as long-time and experienced market participants, this is already really scary and we are beginning to question the sustainability of such phenomena. In particular, 60 percent. Sales are recorded only on construction that is still in progress, which means that purchases are made from drawings without considering the final quality of the product and the reputation of the developer as to whether that house will actually be built. There are only 672 vacant floors on the market in houses under construction, that is, 4/5 vacant floors are under construction, ”T. Žiaugra said in the report.
According to him, despite the activity of the developers, the supply is melting drastically: it fell 15 percent during the quarter.
“The activity of the buyers is greater than the opportunities of the developers. Such an avalanche of buyers distorts the prices of the house, whose growth can lead to a decrease of the affordability of the house”, warned the representative of Eika.
The company notes that the highest price growth was recorded in the affordable housing class, where prices increased 6.6 percent during the quarter. According to T. Žiaugra, annual growth of this size is usually treated as normal.
According to Eika, 109 percent per year. The number of buyers of economy-class homes increased in 2006, sales of middle-class homes increased 86% compared to the first quarter of the previous year and sales of the luxury segment, 59%.
At that time, the number of vacant apartments in the capital in the first quarter fell 15 percent. and currently amounts to 3,240 homes.
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