Queen of Second Homes: Post-quarantine buying tsunami in Palanga triggers construction boom | Deal

In the first half of 2021, Palanga and Šventoji maintained and even strengthened their positions in the market for second homes for new homes, according to the Inreal review.

In the first quarter, 97 flats and apartments were sold, up 33 percent. more than in the same period last year. In the second quarter, with the incorporation of new projects to the market, the activity increased significantly: 172 agreements, 77 percent. more compared to the first quarter and 81 percent. more compared to the same period last year.

“For some time now, the housing supply in Palanga has been declining, but more buyers have attracted more attention. At the end of 2020, 244 apartments were offered to buyers. In the first quarter of 2021, this number dropped slightly to 223, but already in the middle of the year the number of vacant and reserved homes jumped to 416 and was the highest since mid-2020, ”said Tomas Sovijus Kvainickas, Director of Investments . and Analysis in Inreal.