The greatest annual growth in apartment prices since 2008 recorded
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 November 2016. The annual apartment price growth in the major cities of Lithuania was 5.2% (the annual apartment price growth in October 2016 was 5.0%).
In November 2016 apartment prices in the capital grew 0.6% with the average price per square meter reaching EUR 1,411 (+8 EUR/sqm). During a year the prices of apartments in Vilnius increased by 6.5% and since the last lowest price level recorded in May 2010 prices have increased by 22.2% (+257 EUR/sqm). Apartment prices in Kaunas, Klaipėda and Panevėžys in November grew by 0.1%, 0.2% and 0.3% respectively with the average price per square meter reaching EUR 981 (+1 EUR/sqm), EUR 1,009 (+2 EUR/sqm) and EUR 553 (+1 EUR/sqm). In Šiauliai apartment prices remained stable and were the same as in last month – 591 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, 4.8% in Šiauliai and 4.2% in Panevėžys.
‘This year, only positive changes are recorded in the apartment market in the main Lithuanian cities: we can see not only the stable growth of apartment selling prices but also an increase in the market activity. Over eleven months of this year, compared to the same period in 2015, the number of contracts of purchase and sale of apartments in Vilnius increased by 12%; this figure was 11% for Kaunas and Šiauliai, 10% for Klaipėda, and 3% for Panevėžys. The stable interest in purchasing housings leads to the price increase. The overall level of apartment prices in the main Lithuanian cities over the past twelve months increased by 5.2%, which is the greatest annual growth since April 2008,’ – said Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus.