Apartment prices increased between 0.4 % and 1.5 % in major cities of the country in February
The Ober-Haus Lithuanian apartment price index (OHBI), which records changes in apartment prices in the five major Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys), increased by 0.5% in February 2019. The annual apartment price growth in the major cities of Lithuania was 4.5% (the annual apartment price growth in January 2019 was 4.0%).
In February 2019 apartment prices in the capital grew 0.5% with the average price per square meter reaching EUR 1,523 (+8 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 31.9% (+368 EUR/sqm). Apartment prices in Kaunas and Klaipėda in February grew by 0.4% respectively with the average price per square meter reaching EUR 1,081 (+4 EUR/sqm) and EUR 1,080 (+5 Eur/sqm). Meanwhile in Šiauliai was recorded 1.5% price increase with average price per square meter reaching EUR 677 (+10 EUR/sqm), while apartment price in Panevėžys grew by 0.8% respectively with the average price per square meter reaching EUR 651 (+6 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 3.8% in Vilnius, 4.5% in Kaunas, 3.7% in Klaipėda, 9.6% in Šiauliai and 11.7% in Panevėžys.
“The beginning of this year in major cities of the country was marked not only by a high number of apartment sale transactions but also by a continued rise in their sales prices. The highest relative change in apartment prices is again recorded in smaller towns where the level of apartment prices is lower and there is still space for faster price growth.
The three largest cities of the country did not show any major surprises – the price growth remains moderate. And in terms of the overall price change of the five major cities of the country, apartment prices have been statistically increasing for 49 consecutive months,” notes Raimondas Reginis, Ober-Haus Research Manager for the Baltics.