In February apartment prices grow in all main Lithuanian cities
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 0.2% in February 2017. The annual apartment price growth in the major cities of Lithuania was 5.3% (the annual apartment price growth in January 2017 was 5.6%).
In February 2017, apartment prices in the capital grew 0.3% with the average price per square meter reaching EUR 1,427 (+4 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 23.6% (+273 EUR/sqm). Apartment prices in Kaunas, Klaipėda, Šiauliai and Panevėžys in February grew by 0.1%, 0.2%, 0.3% and 0.6% respectively with the average price per square meter reaching EUR 987 (+1 EUR/sqm), EUR 1,015 (+2 EUR/sqm), EUR 597 (+2 EUR/sqm) and EUR 562 (+3 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 6.5% in Vilnius, 4.1% in Kaunas, 2.6% in Klaipėda, 5.2% in Šiauliai and 5.1% in Panevėžys.
“The growth in apartment prices recorded in February in all five main Lithuanian cities is a fairly good indicator of a revival of the residential real estate market taking place not only in Vilnius but also in other regions and, with the national economy growing and with the borrowing conditions remaining attractive, a consistent growth of apartment prices in all main Lithuanian cities is likely to continue throughout 2017,” says Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus.