The Number of Apartments Sold in Vilnius in September 2016 is Only Behind The Figure Recorded in March 2007
2016-10-05
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 0.3% in September 2016. The annual apartment price growth in the major cities of Lithuania was 4.8% (the annual apartment price growth in August 2016 was 4.7%).
In September 2016 apartment prices in the capital grew 0.5% with the average price per square meter reaching EUR 1,399 (+6 EUR/sqm). During a year the prices of apartments in Vilnius increased by 6.0% and since the last lowest price level recorded in May 2010 prices have increased by 21.2% (+245 EUR/sqm). Apartment prices in Kaunas, Klaipėda Šiauliai and Panevėžys in September grew by 0.2%, 0.1%, 0.1% and 0.7% respectively with the average price per square meter reaching EUR 975 (+2 EUR/sqm), EUR 1.004 (+1 EUR/sqm), EUR 590 (+1 EUR/sqm) and EUR 552 (+4 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 6.0% in Vilnius, 3.6% in Kaunas, 2.4% in Klaipėda, 5.1% in Šiauliai and 4.1% in Panevėžys.
“According to data from the State Enterprise Centre of Registers, nearly 1,140 contracts of purchase and sale of apartments were registered in Vilnius in September 2016, which is the second highest monthly indicator throughout the entire period of Lithuania’s independence after March 2007 (when over 1,260 contracts were registered). It is evident that the high September figure was due to the number of new apartment buildings being constructed and the contracts of purchase and sale concluded for them. The September statistics are not a momentous activity leap only: throughout all the months of 2016, a very high number of contracts for apartments was recorded in Vilnius. The total number of contracts for apartments concluded in the first nine months of 2016 was 14.5% higher compared to the same period in 2015 and only 7% lower compared to the same period in 2007 when the highest number of contracts for apartments was recorded. The total numbers of contracts for apartments this year in Kaunas and Klaipėda were, respectively, 11% and 30% lower compared to the same period in 2007. On the other hand, the greatest numbers of contracts for apartments in Šiauliai and Panevėžys were recorded in 2004; compared to 2004, this year the number of contracts in Šiauliai is 20% lower and in Panevėžys – 34% lower,” says Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus.