Made a map of property prices in Vilnius: where is the easiest way to buy a house?

Vilnius residents who are looking for or have bought a house can really say that in some districts of the capital the price of real estate is bitten by only a small part of the population. However, there are districts in Vilnius that, for some reason, are a bit overlooked by developers and buyers alike, and the house price here is much lower than in the rest of the city.

Inreal’s real estate analysts provided Vilnius secondary market real estate price statistics (compiled on the basis of prices from 5 to 7 months of 2020), according to which Delfi Būstas compiled a map of real estate prices in Vilnius. Statistics show that the capital has the largest residential real estate square in the old town (2992 Eur / m2). Nearby are Užupis (2865 Eur / m2), Žvėrynas (2291 Eur / m2). The districts are organized as follows: Valakampiai (2,247 Eur / m2), Verkiai (2,241 Eur / m2), Turniškės (2,174 Eur / m2) Naujamiestis (2,163 Eur / m2), Šnipiškės (2,027 Eur / m2) .m) etc. The lowest housing costs in Naujoji Vilnia (1121 Eur / m2), Grigiškės (1240 Eur / m2), Justiniškės (1331 Eur / m2), etc. You can see the average price per square meter of properties in all Vilnius districts on the interactive map below.

The trio is the most popular and coveted

Tomas Sovijus Kvainickas, Head of Investment and Analysis at Inreal Group, says that the most expensive apartments on the secondary market are offered in the Old Town and Užupis, and these districts are among the most attractive in terms of price sustainability, as the Building age in these places does not have the same negative impact.

“The prestige of the site and the location of the old buildings is reason enough not to let the prices of old construction homes fall for new projects. Although there is a possibility that Užupis will lose some of its appeal in the future due to the projects being developed in and around it, newly developed apartment buildings often have an appearance that blends in with the surroundings, so it would not be worth waiting for in the next few years, “said the interviewee.

According to the real estate analyst, the situation is slightly different in other districts of the capital, as they are rich in apartment buildings built during the Soviet era or in the initial period of independence, which are much cheaper than newly built houses . The most striking example of this is the zoo.

“Although new-build houses in this district are the most expensive, not all old buildings are attractive to buyers, and the difference between new and old houses and old ones is the biggest: more than 1000 Eur / m2” says T. Kvainickas.

According to Mindaugas Statulevičius, president of the Lithuanian Real Estate Development Association, the main advantage of these three districts is the location, historically located in the center or close to the center, which has maintained the aura and quality of urban life. , polyclinics.

“It just came to our knowledge then. Of course, entertainment venues are also nearby, quickly accessible. And of course the prestige of the venues plays a role. Historically, both Užupis and Žvėrynas are considered prestigious venues due to their proximity. to nature. The districts are close to the parks, the river flows, we can see in the new projects that people are choosing houses that have views of the forest or the river, “says M. Statulevičius.

According to the real estate expert, residents of central districts are attracted to a sufficiently safe neighborhood (especially Žvėrynas) and a friendly environment.

“When it comes to new construction projects, the old town is by far the most popular, but in any city, the old town is an area of ​​attraction where people want to live that not everyone can always afford. Developers have really turned to the central parts of the city since the last crisis, the last 10 years have been looking for opportunities to develop real estate projects there, and historically developers have tried to build closer to the city center, offer housing closer to the center. And the high prices of the buyers near the center of the city do not scare, people buy ”, emphasizes the interlocutor.

Attractive areas to rent

A similar price situation occurs in Žirmūnai, Šeškinė, Antakalnis, Viršuliškės, Šnipiškės, Naujamiestis. According to T. Kvaincikas, in these districts old houses cost between 300 and 700 euros / m2 cheaper than new houses. This difference is compounded by the fact that most new homes are sold with partial finishes, while the secondary market is dominated by exclusively furnished apartments. On the other hand, you can’t trust just one number.

“The prices per square meter provided are average and don’t mean that newly built homes will just take off and get cheaper when the secondary market hits them. The average price of less than 2000 Eur / m2 in Antakalnis does not mean that it is therefore possible to buy a newer and more attractive home ”, explains the real estate analyst.

According to the interlocutor, the price situation is more uniform in Lazdynėliai, Bajorai, Burbiškės, where newer construction and similar projects dominate. It should also be noted that current secondary market prices (as long as the house was not bought in 2007-2008) are higher than when the house was purchased, but the price increase is different in each case.

According to M. Statulevičius, Šnipiškės, Naujamiestis, Antakalnis, Žirmūnai, the advantage is that they have good communication with the center. They are chosen by young families, students as a first home, it is convenient for them to contact universities and workplaces.

“From Naujamiestis you can walk to the center. And these areas already have such a common characteristic that there is a buyer in them looking for a home to invest in. Buying non-new housing for investment, tidying it, equipping it, the houses are not in a bad state yet, and the high value of the houses in them will remain for a long time. So to rent such apartments are actually bought. Business centers are also being installed in these areas, which also attracts the buyer, pays salaries and residents can afford larger homes, even if it is not newly built, ”explains the real estate specialist.

The first three remain the same

Meanwhile, T. Kvainickas also mentions the trends in the prices of new construction homes this year and if there have been changes compared to last year.

“Žvėrynas, Senamiestis and Užupis remain among the top three places for the most expensive new housing in the capital. There were no significant changes in other parts of the city. During 2020 In the first half of the year, price changes in the primary market of housing are more related not to the prices of specific projects, but to the change in the supply structure of the neighborhoods. In some projects, apartments are sold, in others a new offer is presented to the market. In most cases , the price level remains similar, with price differences of only a few tens of euros, but in smaller areas with fewer projects, new proposals can have a more significant impact. For example, at Verkiai, the difference between the Average price for new apartments between the end of 2019 and the middle of this year is 345 Eur / m2. At the end of last year, housing was offered in this area in a reactivated project after the crisis, and now the offer has been supplemented with new projects ”, explains the real estate expert.

Delfi Būstas recalls that at the beginning of March he wrote about the trends in the prices of new construction properties and the distribution of more expensive and cheaper neighborhoods. The post and map, based on statistics collected by real estate analysts, can be found HERE.

Choice is largely determined by income

Delfi Būstas asked how attractive the most expensive districts of Vilnius are to residents and what kind of people choose to live in them. According to Antanas Kišūnas, head of the Housing Department of the real estate services company Ober-Haus, the old town and the districts located as close as possible to the city center have always been and are in demand due to their convenience and prestige as points of attraction. On the other hand, the trends of interest in the real estate sector in these districts changed as well as the concept of the central part of the city.

“If before, a decade or more ago, Žirmūnai, Šnipiškės, Naujamiestis could not boast of great prestige or attractiveness, now we see a completely different face of these districts. These districts are now part of the central part of the city, which is very noticeable when monitoring trends in demand and interest, which has also had a significant impact on apartment prices. With the development of infrastructure and the rapid increase in the number of permanent residents, the interest in other districts of Vilnius, which were less attractive before, is changing, ”says the interlocutor.

According to the expert, in particular, people who choose the area in which they want to buy a home, take into account several aspects: infrastructure, long-term real estate prospects, liquidity, price and bias.

“Buyers no longer see the home only as a place to live, it is also a long or short term investment for them. When real estate prices in non-central districts are similar, the buyer’s choice depends more on emotional aspects, infrastructure and local attractiveness, ”explains A. Kišūnas.

It is difficult to say which buyers are more attractive in the more expensive neighborhoods and which are cheaper, because it depends on who is buying a property. According to A. Kišūnas, if the house is bought for life, the choice of location depends mainly on income and the bias of one or another district.

Another matter when buying a house for investment, here the choice of the district is already determined by other factors of the financial and economic understanding of the buyer. But, unfortunately, the choice of the area where you want to buy the house is determined mainly by the income of the buyer, and then by all the other aspects listed, ”says the expert.

M. Statulevičius adds that the price of apartments in cities generally increases because of the location; the amount of vegetation in the area is important, as well as the liquidity of the property (in the central parts the property is more liquid), the existence of infrastructure (shops, medical institutions, schools, kindergartens): housing, usually a young or mature buyer but earning a salary above average. In most cases, these people have started a family and need a certain quality of life. “