Environs of Vilnius western bypass – a new centre of attraction for developers
Following the opening of Vilnius western bypass, the city dwellers can enjoy improved transport links with the city centre, while real estate experts observe an increasing number of construction sites around the bypass. The development of the road infrastructure in the capital city prompted developers to start new construction projects in the areas further away from the city centre. Ober-Haus estimates that between 2016 and 2017, a total of 11 residential property and 4 commercial property construction projects were launched in the environs of the western bypass.
Developers use the areas located near the western bypass which are less urbanised, yet which feature attractive landscape, wooded and green areas, and water bodies. Most of these areas were forgotten, not adapted for the citizen’s needs, and with untapped potential. When carrying out construction in these areas, developers seek to preserve the existing landscape, to adapt the future projects to the landscape, and to put the infrastructure in place. ‘A good example is the Town House low-rise residential development on nearly 2 ha of land near Vilnius western bypass. The parcel of land has been divided into two almost equal parts. One part will contain A energy class apartments over two floors with spacious yards of 1.8 ares in size. The other part located near the existing stream will be a private park of this residential complex”, Audrius Šapoka, manager of the Residential Real Estate Department of Ober-Haus Real Estate, said. Mr Šapoka notes that projects with private parks and water bodies have been far and few between in Vilnius.
Developers can get larger parcels of land in the surroundings of the western bypass than those in the older residential areas for a competitive price. They also can offer added value of additional spaces to buyers. So private yards or terraces become a huge advantage proposed by developers in the area located further away from the city centre. ‘Developers are building affordable, smaller size homes. We have noticed high demand for smaller size properties, at the same time buyers are increasingly looking for properties with a private outdoor space, which seemingly compensates the small size of the property and extends the existing home space. We have also noticed yet another trend that those who live in the suburbs are moving back to the city and are looking for terraced homes and apartments with small yards’, Mr Šapoka said.
‘The price of the parcels of land in the environs of the western bypass is significantly lower than that in the central part of the city. At the same time the local competition is smaller, therefore developers use the opportunity of active demand to successfully implement their business plans. I believe that in the near future we will witness development of small or medium-size housing projects’, Mr Šapoka added.
The development of the urban road infrastructure and the then prospective western bypass were some of the encouraging arguments for developers to start projects in the areas located further away from centre and for the buyers – to choose residential property in these areas. Today, this is reflected in successful and active development of the western and northern part of Vilnius. A decade ago, the Pilaitė residential area located in the western part of the city was considered to be one the residential areas furthest away from the city centre. However, the boundaries of this residential area have been expanding as a result of active construction of multi-storey blocks in the past decade in the empty space between Pilaitė and the rest of the city. Today Pilaitė borders on other residential areas of the city.
According to the Ober-Haus representative, the improving urban transport links help people in making a decision to move to less urbanised areas where they can fulfil their desire to be closer to nature and still enjoy easy access to the main objects in the city. ‘A 5-minute longer journey to work and back is not a problem, while living close to nature substantially affects comfort levels’, Mr Šapoka said.