In three years, large residential RE projects have increased the prices of new construction apartments in Vilnius

September 22, 2015. Since 2012, the average price of one square metre in a newly built apartments has increased by 9.4 percent in Vilnius; however, the analysis of separate urban districts showed a significant difference – from -9.7 to +18.6 percent since 2012. The highest increase in prices was observed in the major housing projects, developed by reliable real estate (RE) companies in the most popular urban districts of Vilnius. 
“The price of one square metre in the major housing projects, i.e. “Antakalnis Terraces” in Antakalnis, “Ozo Park” in Baltupiai, “Oslo Houses” and “Naujamiestis Houses” in Naujamiestis, “Vilmesta Quarter” and “Bajorai Hills” in Visoriai, has increased by 14-18 percent, at an average. Whereas the projects cover the major share of the market and partially has become the market makers, therefore we may consider it as the basic cause for a noticeable increase in average prices of new construction apartments in Vilnius”, – stated Arnoldas Antanavičius, Head of Investment and analysis of “Inreal”. 
The increase in the price of one square metre in new construction housing in Vilnius was resulted by changes in the supply structure, when smaller apartments were offered more often in order to achieve better liquidity during last few years. In 2012, the average area of an apartment was approx. 64 sq.m., and the price was about 96,300 Euro. In 2015, the average area of an apartment “shrank” to 55 sq.m., and the price decreased to 90,700 Euro.
Nevertheless, a new reverse trend is currently observed – more spacious, 3 or 4-room apartments are becoming more popular in the market, therefore, the developers will likely respond to it, what will result in changes in the structure of supply and increase in the total price of average housing.
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JSC “Inreal valdymas”, JSC “Inreal” and JSC “Inreal GEO”, provides probably the widest spectrum of services in Lithuania, related to real estate. Inreal group companies belong to SC “Invalda privatus kapitalas”. About 90 employees are currently working in Inreal group; mediations in lease or sale of more than 550 thousand sq.m of commercial premises, over 550 residential housing objects, and over 300 land plots. The company mediates in 50 residential housing projects, 24 investment projects, or their portfolios. More than 4,900 valuation reports and about 80 consultations (feasibility studies, investment memorandums, and market research) are being drawn up annually. The value of asset of valuation is above 725 million euros. Company offices or representations are operating in Vilnius, Kaunas, Klaipėda, Šiauliai, Panevėžys, Mažeikiai, Alytus, Plungė, Taurage, Utena and Druskininkai. Currently JSC “Inreal Valdymas” develops two real estate projects: houses in Nida “Kopų vetrunges” (“Dunes weathervanes”; „Kopų vėtrungės“) and apartments and comercial premises in Klaipeda oldtown “Danes uzutekis” (“Danes Bay”; „Danės užutėkis“). 

More information: 

Rūta Merčaitienė
INREAL GROUP
Head of Marketing and Communication
Mob. +370 611 29779
ruta.mercaitiene@inreal.lt