Increase in the price of apartments only slightly higher than increase of the general level of consumer goods and services prices in the country
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 0.4% in June 2017. The annual apartment price growth in the major cities of Lithuania was 4.1% (the annual apartment price growth in May 2017 was 4.4%).
In June 2017 apartment prices in the capital grew 0.4% with the average price per square meter reaching EUR 1,446 (+6 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 25.2% (+291 EUR/sqm). Apartment prices in Kaunas, Klaipėda, Šiauliai and Panevėžys in June grew by 0.4%, 0.2%, 0.5% and 0.7% respectively with the average price per square meter reaching EUR 1,005 (+5 EUR/sqm), EUR 1,023 (+2 EUR/sqm), EUR 605 (+3 EUR/sqm) and EUR 565 (+4 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 5.0% in Vilnius, 3.6% in Kaunas, 2.1% in Klaipėda, 3.4% in Šiauliai and Panevėžys.
‘According to Statistics Lithuania, in June 2017 the annual inflation in Lithuania was 3.6% while the prices of apartments in major cities of the country during the same period increased by 4.1%. This means that over the past 12 months, apartment prices have increased at a similar pace to the prices of consumer goods and services. While a higher rise in apartment prices was recorded in the country’s capital, the rise is only slightly higher than that of the country’s overall inflation level. This can be seen as a positive factor, because recently residential property prices have essentially reflected the general price trends in the country with no major upswing’, Saulius Vagonis, manager of the Valuation and Market Research Department at Ober-Haus, said.