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Raimondas Reginis, Market Research Manager at Ober-Haus for the Baltic States. Photo by Judita Grigelytė (VŽ).
With the recovery of the new apartment market in three Lithuanian cities, real estate (RE) developers will have to make a difficult decision, whether to fear the determination of the second wave of the virus to renovate frozen projects.
“Already the most active buyers of new apartments can encourage apartment developers to renew the implementation of previously planned projects, which we have observed in recent months in both Vilnius and Kaunas. Of course, developers will be extremely cautious for now, as they want to ensure that the current recovery in the real estate market is sustainable and that their investments hit the market at the right time, “said Raimondas Reginis, market research manager at Ober- Haus for the Baltic countries.
According to him, on the one hand, developers are clearly seeing a recovering market, but at the same time the growing number of coronavirus infections is being registered again and there is more and more talk of a second wave of this pandemic.
“So developers currently have tough decisions to make: whether to take advantage of the improving situation in the housing market and try to gain a competitive advantage by introducing a new product to potential buyers, or not taking too many risks and waiting until in the fall, when the general situation in Lithuania and the rest of the world will become clearer, “says R. Reginis.
According to Ober-Haus, in July this year, the total balance of sales (the difference between the number of newly concluded and completed agreements) on the primary market for Vilnius apartment buildings, including the number of apartments sold and reserved, It was 335 apartments, or 30% more than in June 2020. Compared to the monthly average for the first quarter of this year, the result for July was 27% lower.
The total balance of sales of Kaunas apartments in the primary market amounted to 56 apartments, or 5% less compared to June 2020. If in the first quarter of 2020 an average of 68 new apartments were sold in the primary market of Kaunas per month, so the result for July this year is still 17% lower.
In Klaipeda, the total balance of sales in July was 35 apartments, or 1.8 times more than in June, but 9% less than the first quarter average.
[infogram id=”05418cf9-7fc4-4236-9959-8174b358abac” prefix=”Tuv” format=”interactive” title=”2020 LIEPA butų rinka vilnius kaunas klaipėda koronavirusas butai ober haus”]
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