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A survey of families living with minor children conducted by Luminor Bank in Lithuania, Latvia and Estonia on home ownership and attitudes towards the property market clearly showed this: families would like to spend time in traffic jams and work as taxi drivers children in exchange for a house, meadow, garden and warehouse.
Introducing the review, Andrius Kvakšys, Luminor Bank’s mortgage credit product manager, commented that more than 70 percent. The surveyed families in the Baltic States currently live in their own homes. One third are self-employed, another third still pay loans, the rest live with parents, relatives, etc. The house is usually rented by younger families.
The pandemic, according to the results of the survey, adjusted the need for housing: families needed more space for housing. Although the work was done in offices, the available space was sufficient, but when working from home, it became tight to work and live in the available housing.
About 30 percent. Respondents would like to buy a larger home in 1 to 5 years, they do not plan to buy the same larger home, although there is a need.
Most, of course, dream of a house in or near the capital, because the house is associated with space and greenery for families, most want a garden and a playground for children. A quarter of Lithuania would like a warehouse or garage.
A significant number of families would choose a house in one of the large cities or in a smaller town.
Lithuania is the most uniform developing country. Yes Riga accounts for about 90 percent. Mortgages, although it is not the most attractive place to live and Estonia is dominated by three or four masters, the infrastructure in them is not so well developed.
In Lithuania, small towns are not afraid of the infrastructure created. For example, Širvintos is experiencing a true rebirth.
Lithuanians could put up to 300 euros towards a home loan term, which is the average term of the loan. Estonians tend to spend much more, Latvians like Lithuanians. The average size of loans in Lithuania is 15-20%. lower than in Estonia because Estonians buy more expensive property.
Probably the most important criterion when choosing a home in all countries is location. Latvian 25 percent, 40 percent. Estonians are at a significant distance from work and shops: they no longer want to be taxi drivers, people prefer to choose a scooter or to walk. 36 percent. Lithuanians’ distance to work or school is also important, showing that Lithuanians still like to travel by car, but trends are improving. 24 percent. An important criterion for the respondents is access to a loan.
The least interested in subsidies are Estonians, more Latvians and Lithuanians. In Latvia, grant programs are very popular, accounting for 50%. loan portfolio, in Lithuania, from 5 to 10 percent. However, Lithuanians are actively interested in the possibility of receiving a subsidy, because the regions and areas close to large cities.
Latvians are implementing a program to promote demographics. Having three children gets immediate support for a home loan. The country also has a program for young professionals. If the specialist does not earn much, the state supports him. Latvia’s goal is to promote development outside of Riga, to develop regions.
The main obstacles to housing in all three countries are low income and insufficient savings on the initial contribution. According to the interlocutor, the Lithuanian mentality is such that one wants to appear, so sometimes the expectations of housing do not come to reality.
When asked how much time should be devoted to the initial contribution, Lithuanians turned out to be the most financially literate. A third of Lithuanians know what kind of loan they could get.
24 percent. respondents would immediately have an amount for the initial contribution, a similar number in all countries would take between one and five years to accumulate the initial contribution.
Although the pandemic appears to encourage savings, Lithuanians are actively sweeping not only farms or houses, but also apartments. For example, there is already a shortage of supply in Kaunas: it is no longer possible to build apartments.
According to the expert, apartments are needed so it has become very important for Lithuanians to use money, they no longer want to keep it in banks. On the other hand, rent – more expensive than buying. The average loan is 300 euros, the rent is 450-500 euros. An important part of the lease you choose to buy. The developers offer interesting solutions, such as housing for the price of a car. Recently delivered 10 m2 M. m loft, at a cost of 10 to 15 thousand. euros.
According to A.Kvakšis, the developers have not decided whether they are interested in such a segment – extremely small dwellings. Young Lithuanians travel, when they return they look for a bigger house, they buy it not for one or two years, but for a longer period of time.
However, the trend is clear: the number of housing spaces is decreasing, planning is changing. 80 square meters. m area of the apartment has as much space as 50 square meters. tide.
Farm and home sales are growing extremely fast. Farms, according to the interlocutor, 50 km. around Vilnius are simply swept away, it is almost impossible to find anything. They are often purchased without a loan, but it is only a matter of time.
There are romantics who buy a place, a forest and a body of water, a hut, there are those who buy a building with a lot of space to work. Finally, there are large houses where you can live permanently, having previously sold an apartment in the capital.
Young families buy apartments and then move into the house with more children. The question of how sustainable it is necessarily to own a home. On the other hand, the price of an apartment and a house in Lithuania does not differ too much, in contrast to foreign countries.
What you will leave for the children is also very important for Lithuania, sometimes, according to the interlocutor, it is painful to see when 300-400 square meters M. m area of the house, and now it is the home of two people, because the children simply they don’t need them.
People live abroad today, in Lithuania they are seen during periods of life. Lithuanians do not understand why they have to pay 400 euros in rent and have nothing if they can buy their own home.