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The value of the Ober-Haus Lithuanian Apartment Price Index (OHBI), which tracks changes in apartment prices in the five largest cities in Lithuania (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys), increased by 0.2 % in June 2020. (In May 2020, the index value did not change). According to the company, the total level of apartment prices in Lithuanian cities has grown by 5.6 percent in the last 12 months. (Annual growth in May 2020 was 6.3 percent).
In June 2020, there was a small increase in the sale prices of apartments in Vilnius, Klaipėda, Šiauliai and Panevėžys: 0.3 percent, 0.2 percent, 0.4 percent, respectively. and 0.2 percent, and the average price per square meter was 1645 Eur (+4 Eur / m²), 1141 Eur (+2 Eur / m²), 758 Eur (+3 Eur / m²) and 739 Eur (+1 Eur / m²). Apartment prices in Kaunas did not change during the month and the average price per square meter remained at 1167 Eur.
During the year (June 2020, compared to June 2019), apartment prices increased in all the main cities of the country: Vilnius – 5.9 percent, Kaunas – 5.5 percent, Klaipėda – 3.9 percent, Šiauliai – 7, 7 percent and in Panevėžys – 7.6 percent.
Analyzing the latest data from the apartment segment in the main cities of the country, it can be seen that, although the growth of apartment sales prices has slowed (annual growth in apartment sales prices decreased from 7.6% in February of this year at 5.6% in June of this year), registered their symbolic growth.
“The quarantine period hit the real estate market really hard, but with its end the population’s expectations regarding the country’s economic situation and the development of the real estate market began to grow,” says Raimondas Reginis, Market Research Manager at Ober-Haus for the Baltic countries.
This is well illustrated by the consumer confidence indicator, which, according to the Department of Statistics, has been growing rapidly for two straight months. The indicator of consumer confidence in the country has increased by 12 percentage points in the last two months: from minus 16 in April of this year to minus 4 in June of this year (in January-February of this year, the confidence indicator of the consumer was positive and reached 3-4). This shows that the population is already beginning to better assess the country’s economic forecasts and its financial situation in the near future.
According to R. Reginis, the “rebound” in market activity (number of transactions) from the lows of the decade reached in April-May this year also gives additional optimism to the entire real estate market, which is recorded in all cities of the country. According to the latest data from the State Center for Business Registries, the number of registered apartment transactions in June 2020, compared to May 2020, increased by 5% in Vilnius, 6% in Kaunas, 3% in Klaipėda, 17 % in Šiauliai and 13% in Panevėžys. . The return of buyers to the new construction sector is also recorded in Vilnius and Kaunas: for the second consecutive month, the increasing sales volumes of new apartments in these cities are recorded.
“Therefore, if the gloomy forecasts of health professionals and economists about the pandemic and the development of the country’s economy do not come true, the probability of registering negative changes in apartment sales prices in the main The country’s cities in the near future is also declining, however, if overall property market activity does not gain further momentum of recovery or keep the current level low enough, it is likely that in the near future we will record a substantially higher price level. stable with small fluctuations, both positive and negative, “says R. Reginis.
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