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Real estate experts explain that people are still willing to buy this property, as some of them are preparing for the second wave of Covid-19.
However, the demand for extremely expensive objects, unlike a decade ago, is low. A sweeter property for compatriots that can rebuild on their own and suit their needs.
Interested in cheaper housing
According to Antanas Kišūnas, head of the Ober-Haus Housing Department, the greatest interest on farms is usually felt in the spring, when the weather warms up. According to him, this has to do with the desire of people to be able to escape from the hustle and bustle of the city on weekends and holidays. The specialist explains that currently the interest in cheaper housing is still slightly higher than before the pandemic.
“We think it has to do with the previous quarantine and the fear of a second wave of Covid-19 to isolate us in nature and then have a farm by the lake. There was more interest in cheaper houses of older construction: farms or plots. Newly built homes received no such interest.
Farms bordering or close to bodies of water, in wilderness or picturesque areas with good access and at least minimal services (electricity, water) have attracted the most interest, “he says.
Which homes are the most unpopular?
According to him, before the quarantine and in the post-quarantine period, it is more difficult to sell expensive homes, further from the city centers or larger districts. A. Kišūnas states that the main reasons for the difficult realization are the high price, the poor infrastructure or its absence, the maintenance of expensive and luxurious homes: the costs of protection and maintenance.
“The sellers of such objects want to recover the money invested in the farm, and the unwritten rule is that the money invested in a house or farm built and equipped for them does not pay or the return is very small,” he says.
Greater demand
According to the interlocutor, the most popular farms are on the lake shore near the great lakes, and people are attractive there, around the picturesque places, mounds, good infrastructure. According to him, one of the advantages if the farm or plot is suitable for the construction of a farm (farmer or rural tourism) is a 0.5 ha plot, lakeside, good access, close to few neighbors, nearby forest, attractions.
“We note that old houses are being bought and maintained in towns near the lakes and the national park. It is an older house on small plots, even without the lake shore. However, those houses are much cheaper than houses with a lake shore, “he says.
Interested in cheaper and inferior homes
According to him, in Kaunas, as in Vilnius, during the quarantine there was a slightly greater interest and desire to acquire economic properties in a natural refuge. The specialist says that he felt less in the city and the Vilnius district, because the price level in the city and the district is high and accessibility has not changed. According to him, more people look for cheaper houses or houses in the districts of Molėtai, Zarasai, Švenčionys, Ukmergė with larger plots, near bodies of water. However, buyers are not inclined to use banking services for such purchases, therefore, interest in expensive homes has not increased.
“Residents are interested in cheaper, albeit inferior, old and abandoned houses with the aim of renovating them according to their style or lifestyle. In Western Lithuania, the demand for individual farms has increased very slightly,” reveals the specialist.
Demand fell last year
According to him, when comparing the current activity of the family market with what happened a decade ago, the demand for expensive homes has decreased in recent years, and the most active housing market was in 2007-2008. A. Kišūnas remembers that then it is not only cheap, but also more luxurious, for example, 300-600 thousand. farms worth.
“Later, the family home market collapsed, because after the economic downturn, many residents were very cautious about buying a second or third home, especially for recreation.” Especially since banks often did not finance such purchases either. In addition, low-cost airlines have sprung up and travel to other countries has become a bite. Therefore, broader vacation opportunities have also reduced the demand for homes that require maintenance, protection and a greater investment of time, “he explains.
Quarantine stimulated the need to rest in Lithuania
According to the interlocutor, this year buyers are mainly looking for houses in good condition in the town of up to 50-100 thousand. Eur: the most requested suitable to live immediately, with the lake shore, good access, tidy neighbors. According to him, there is also more interest in the plots of a larger area near the lakes, where it would be possible to build a rural tourism or a farmer’s farm.
“Some of these parcels have not received attention for 3 years or even more, and we are now seeing buyer interest. The quarantine period changed people’s attitudes toward residential and leisure real estate. He will give his opinion.
Renata Boguševičienė, the director of Renatos Namai, who has been working in the real estate sector for over 22 years, says that the whole farm boom started after the Covid-19 announcement, 2-3 weeks later people were a little confused, followed by a sudden and determined move toward the farms.
“They are in demand now, they are popular and necessary. I don’t even know what kind of farm might be unnecessary. We are looking for houses that cost up to 10,000 and need major repairs, but rebuilding is possible without many permits. It is much easier to rebuild a farm. which is already standing than rebuilding it in a new place, simply becomes cheaper.
I would not highlight the type of farm you chose less because of the very different needs and customers. When farms are needed, all kinds of customers need them. Buy both luxury, mid-range and the same cheaper. What I notice is a smaller apartment service. Perhaps the most unpopular price is around 40 thousand euros. The farms, which cost up to 30,000 and 60,000 are in demand, “explains the specialist.
Price and location are important.
According to R. Boguševiečienė, an important thing when choosing a house is the price. She says people call and say they have 7,000 and want a house that costs so much and ask if it could be negotiated to find similar options. Other people call and want a mid-level farm to live there, she says, but repairs may be needed in the future. According to the specialist, said object costs up to 30 thousand.
“There are people who want a really tidy house to be able to live in it at any time. Its price is about 60 thousand euros. Lakeside objects are more expensive and can cost more than 100,000. The second criterion by which customers choose is location. Looking at the distance from the big city, some like to be surrounded by forests, others along the lake, and others surrounded by hills, just as much as people and tastes. There are people who like space landscapes, so the farm is on a hill and can be seen from afar, “he says.
More interested in individual farms
According to the specialist, the current situation is somewhat affected by the fact that people are more interested in individual farms due to the threat of the coronavirus. Buying a farm with a couple of hectares, security and freedom are guaranteed there.
“Under current political forecast, I think the home buying boom will really continue, because the whole situation showed the real value of such an object. No matter what the farm is like, it is a good start to development and is highly appreciated. There are still really scared clients preparing for the second wave of coronavirus, people are scared. I would say, even in an inappropriate way, I would no longer want to sit in the apartment and wait for the quarantine to pass, “predicts R. Boguševičienė.
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