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It doesn’t feel stagnant
The three-month quarantine in Lithuania severely affected some business areas. The impending economic crisis and its consequences were discussed before the end of the tense situation in the country.
Then there were those who think that a brilliant style is also waiting for the real estate market.
People are projected to save money, not rush to change or buy a home.
However, the opposite seems to have happened. Demand for residential houses to build around the port city was growing, and hundreds of plots were purchased in the gardens favored by Klaipeda residents throughout the quarantine.
Prices: E.Jankus, director of the company “Gijoneda”, assured that he still does not see signs of falling prices. (Editorial Stock Photo)
“Most people and companies thought the market would stop after quarantine, but nothing similar happened. The market is pretty active. So far, quarantine hasn’t really scared me,” summarized Edmundas Jankus, director of the Gijoneda company.
The interviewee stated that people are actively interested in various types of real estate: land, individual houses, apartments. Once they find a suitable option, residents immediately buy the property.
“There really are no fears or tensions in this area. Maybe only banks will slow down a bit, it takes longer to provide credit. And people are really active, both buyers and sellers,” said E. Jankus.
Price drop not expected
The rumor during the quarantine about the alleged drop in property prices this year has also not been confirmed. This was expected as a reaction from businessmen to the aforementioned slowdown in the market.
“There were those who thought that house prices will fall in the summer, after the quarantine. But none of that is really happening right now. At least for the moment, we don’t see any signs of falling prices,” said E. Jankus.
The interlocutor also added that although prices are not yet falling, growth is not forecast.
The fact that property prices are not expected to fall is also demonstrated by the slowdown in construction.
As before the pandemic reached Klaipeda, new objects appear both in the city territory and in the most popular suburban settlements.
Lack of price logic makes you think. I am sure there will be a crisis.
“The works are moving, the projects are being implemented. A block is being built rapidly on the so-called” second “side of the Palanga road, Klaipeda district, in Kalote, everywhere. Individual houses are being built,” explained E.Jankus, the boss of Gijoneda.
According to the interlocutor, the location, the size of the house and the land, the state of the facility and the infrastructure of the neighborhood are important in determining the value of the home.
However, according to E.Jankus, an average small individual house with a total area of approximately 80-100 m2. m, with partial finish, 1 sq. m. m price ranges between 800 and 1.3 thousand. euros
Prices per square meter of apartments sold in the port city reach 1.5-1.6 thousand. euros Somewhere for a square here 2.3 thousand is requested. euros
It is announced that house prices in the port city increased by only 5% during the year, but it is notable that during the quarantine the purchase of newly built apartments decreased significantly.
According to Ober-Haus, the purchase of newly built apartments in the port city during the quarantine dropped to 77 percent.
They bought gardens
If citizens were not interested in new apartments, what property were Klaipeda residents looking for?
Real estate experts do not rule out that the quarantine has had a positive impact on the current life of the market.
The head of the company “Gijoneda” pointed out that after the quarantine there is a growing interest in the individual houses.
“This trend may be directly related to the pandemic, quarantine. People stayed in apartments between the four walls during quarantine, and perhaps this influenced the decision to look for a house with a small piece of land for a walk in at least my patio, “said Jankus. .
Ernesta Parieštytė, a real estate expert with the real estate services group Proconcept, noted an increasing interest in lands and houses with gardens.
“This is probably a psychological consequence of the quarantine: people missed nature and other limitations showed how important it is to have the opportunity to go out,” explained the interlocutor.
In the “Dituva” garden community, 10 to 15 plots were sold each week throughout the quarantine period.
“Most people buy garden parcels with a cabin. The retired parcels have been removed by retirees, who probably realized that there is no point in keeping abandoned land.” he will build a house here, where he hopes to live with his family, “said Tadas Vaitkus, president of the gardening community.
Previously, you could buy an empty and abandoned garden plot for 5-7 thousand. Today, the price of such assets increased to 8-10 thousand. euros
I had to redirect
Real estate expert E.Parieštytė also emphasized that people who had plans to invest in real estate abroad turned their sights to the coastal region.
“Interest in property in the Palanga region has been actively growing, people are looking for a second home, for vacations, often investing. The quarantine only showed how wonderful our coast is and when the opportunity to leave their country disappeared , people rejected the opportunity to buy real estate abroad, “he said.
Although real estate entrepreneurs say there is little stagnation in this market, it is recognized that there are still victims of the pandemic.
According to E. Parieštytė, the owners of short-term rental apartments, who worked with people from abroad, suffered the most.
“They had to reconsider their plans and decide whether to choose a long-term leasing address or simply sell the property they own,” said the interlocutor.
The quarantine was also planted by some people who had planned to buy a home before this situation.
“Our experience has shown that there were clients who refrained from buying new homes because they were scared by the situation across the country; people were unsure of their future or income,” said E. Parieštytė.
The real estate portal “Aruodas.lt” announces the short-term stagnation at the beginning of the quarantine.
According to the manager of “Aruodas.lt”, Viktorija Steponavičiūtė, the interest in real estate had decreased for a short time, approximately a couple of weeks, the subsequent attendance and interest in housing ads increased and even exceeded the results ” highs “at the beginning of the year.
It is announced that in April and May, the number of advertising pages viewed by portal visitors increased by more than 40% compared to the same period last year.
From Palanga – to Skuodas
An interesting situation arose in the property market in the Skuodas district.
There are currently no apartments for sale in Skuodas, and it offers to buy houses with land for only 5 or 17 thousand. euros
Whoever bought the apartments in Skuodas has their own version of seaside real estate experts.
One version: Businessmen from the coast bought cheap apartments, and especially Palanga and Šventoji, who rent their apartments to tourists during the summer.
Kazys Jurgelevičius, the head of the real estate agency operating in Skuodas, admitted that such a belief is justified.
“If an apartment is sold in Skuodas, it will be purchased within two hours. And some parcels of houses cannot be sold for five years. This happened for two reasons. There are no apartment buildings in Skuodas. There is a lack of apartments and the Skodians themselves go to live and work abroad. ” people who would like to raise children in their own home “, – assured K. Jurgelevičius.
Migrants tend to have temporary housing in Skuodas and want apartments.
“The house needs maintenance, the grass needs to be cut, the roof needs to be repaired, and the apartment needs no maintenance. Palanga residents may have bought apartments here. They rent them for nine months and they live in Skuodas for three months.” K. Jurgelevičius.
True, even the apartments for rent in Skuodas are now lacking.
“Currently, the current property prices are difficult to understand. Some people sell their very expensive properties, and it happens that nobody buys half of a house for sale. The lack of logic in prices makes you think. I am sure that there will be a crisis, “said K. Jurgelevičius.
Another direction that buyers’ eyes are headed is Kretinga.
This town near Palanga and the area related to it are of interest to buyers, and the price of unfinished residential houses has peaked.
Currently, impressive amounts are requested for the plot and the so-called house box, from 95 to 135 thousand. euros
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