Lithuanian city shone during quarantine: old-build apartments are confiscated during the day at a normal price

Alytus, like the whole of Lithuania, is experiencing a rise in property prices and a sales boom. According to Vilma Urbonaitė, property appraiser at Inreal, property prices in Alytus have really risen, and it is not worth predicting their decline in the near future. True, according to the interlocutor, it should be noted that in some cases people ask for not very suitable amounts for their old building apartment.

“The announcements are not the final milestone. In the transactions of the Registry Center, we see that the average price is often lower than in the announcements, but there are also those who buy at those high prices,” says the real estate appraiser.

It’s hard to say exactly how much property prices have risen in Alytus. According to V. Urbonaitė, the rise in prices in this city really started in 2019, when the housing market became more active. Of course, as in all of Lithuania, the property market in Alytus has been paralyzed for a while due to the quarantine, but soon home sales soared. Real estate prices also took a big jump.

“Alytus County, with the exception of Druskininkai, is dominated by older buildings. Supply affected by quarantine. There are offers, but at inappropriate prices. If the price is realistic and appropriate, the property is purchased the same day. Higher priced items sell more slowly and these ads tend to last a little longer, ”says the interlocutor.

He goes on to say that the largest percentage of properties sold in Alytus is made up of apartments. Since 2019, the purchase of plots has also intensified, people have started to build houses, but there are very few transactions for new construction objects, as well as for supply.

“On the other hand, we noticed that during the quarantine, people started looking more at the farms. There was a real influx of new buyers, a higher demand for old or rebuilt homes. Young families also buy such real estate, they are not afraid of work and rebuild those houses. This is the quarantine, apparently, it was corrected that people saw that there was less space in the department and that there was a need to escape to nature, ”says V. Urbonaitė.

How much does an apartment and house cost in Alytus?

According to the interlocutor, the quarantine affected the needs of property buyers in Alytus. Younger residents are looking for more spacious homes, three-bedroom apartments are becoming more popular. Of course, new-build housing is very attractive, but the problem is that, according to V. Urbonaitė, there are very few new and affordable properties in Alytus in the apartment and house segment.

“Regarding new construction projects, there are currently two projects under construction. One of them is a small apartment building, it seems that there is only one apartment left unsold. I bought these apartments fast enough, because the price was really normal: from 1000 to 1300 Eur / m2 with partial finishing. He quickly bought people from them. Another project is already more expensive, around 2000 Eur / m2 M. m with partial completion, in the heart of the city. This is quite a high price for Alytus residents, although such an item has not yet been available in Alytus, ”notes the property’s appraiser.

According to V. Urbonaitė, the city of Alytus tries to attract young people to stay in this city or to move there, offering subsidies to young families to buy their first home. However, there is an appropriate real estate price for which an Alytus resident can purchase a home.

“I would buy both country houses and apartments, but 2000 euros per square meter may be a bit too high. The buyer of a new construction home in Alytus would appear, only its price must be adequate,” says the interlocutor.

The property appraiser also lists prices for old-build apartments and houses. According to her, the price range for a two-room apartment can be from 40 to 60 thousand, depending on its condition, location, floor where the apartment is located, etc.

“There are such objects for which 66 thousand are requested. euros, but I already say that this is no longer enough. But about 50 thousand. euros is the optimal price ”, says the real estate expert.

The price of your own house in Alytus, depending on the condition of the house, the size of the plot, etc., can be from 130 to 250 thousand. euros.

“There are offers of new homes for 300 thousand. euros, but there are already exceptional objects. The prices do not differ much from the prices in the capital. They are determined by the supply. It is not so easy to buy your own house in good condition, finding a house according to your needs is not easy. And that raises the price. The supply is limited and the demand. Of course, construction prices are rising and house prices are rising ”, says the interlocutor, adding that in July, sales in Alytus, as in Lithuania as a whole, decreased, but greater activity is expected in autumn.