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The beginning of the year surprised by a leap in home sales not only in the capital

2019-04-15

2019 April 15th, Vilnius. In the first quarter of 2019, compared to the same period a year ago, the sales of recreational homes have doubled. Increased buyer activity insignificantly reduced the number of new, vacant homes and improved market liquidity index of Palanga as well as Neringa. The prices of new homes in Palanga have slightly grown - about 1 percent, while in Neringa the prices went down a little, about 3 percent.

“Despite the sluggish last year for the second seaside home market for developers and buyers, the start of 2019 surprised by activity” “It is usual that in the first quarter of the year the sales of homes are “the weakest”, however this year this rule might be broken” - states INREAL group analyst Kotryna Griško. According to her, 61 new homes have been sold in Palanga (Including Šventoji) and 21 in Neringa. Meanwhile, in the first quarter of 2018 only 38 new homes were sold in Palanga, and none in Neringa. Buyer activity surpassing developer activity in these regions improved liquidity of the primary market up to 2,3 in Palanga and up to 2,1 in Neringa. This means, that existing new homes supply in both towns can be sold out in more than 2 years, which is optimal in the second home market.

In the end of 2019 first quarter the storage of new homes in Palanga and Neringa was respectively 659 and 117 homes. In the end of 2018 first quarter - respectively 668 and 146 homes. In the beginning of this year new supply appeared only in Neringa. New project in Juodkrantė sales contributed to this by supplying the market with 59 homes for recreational purposes. “It is likely, that the growth of second home market will continue into the following quarters of the year, because seasonality is characteristic to this type of home sales.” “Slightly decreased selection should not affect buyer activity yet, because the balance between supply and demand is sufficient and there is plenty of room for new projects” - says K. Griško.

The primary supply of Neringa, as usual, is dominated by prestigious class homes, with the average price of square meter reaching around 2920 Euro/sq. m. Palanga and Šventoji offer a wider selection of classes and the average price ranges from 1500 EUR/sq. m. in economical class up to 2715 Eur/sq. m. in prestigious class.

ABOUT INREAL

INREAL is a trademark of an idea, which gives spark to unique projects, basis for professional services, and added value to businesses, clients, and partners. INREAL positions creativity as a core value in the dynamic business world. INREAL Group, which consists of: UAB “Inreal valdymas”, UAB “Inreal”, and UAB “Inreal GEO”, provides probably the widest range of real estate services in Lithuania. Currently they have over 90 employees working for them in 11 cities in Lithuania. The company has engaged in business operations for 25 years and implemented more than 50 real estate projects of various purposes, which received recognition and awards at contests not only in Lithuania but on an international scale as well. In 2015/16, 2016/17 and 2017/18 Inreal Group was named as the National Winner during the prestigious European Business Awards.

More information:

Rūta Merčaitienė,

Head of Marketing and Communication at INREAL GROUP

+370 611 29 779 ruta.mercaitiene@inreal.lt

www.inreal.lt

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