“In the market, you can find individual new apartments that appear during conversion and renovation in the prestigious Žvēryna, Užupy, Senamiesti or the old part of Antakalnis, but their quantity is extremely limited and the apartments that appear on offer are usually bought out quite quickly. The reasons for this are multiple and more complex than it may appear at first glance”, says Paulius Šatikas, head of the real estate development and management company “Resolution”.
The expert shared today’s situation of new housing supply and future forecasts for the sought-after prestigious settlements of the capital, where development is extremely limited.
Zoo has the lowest offer in the city
In the list of luxury districts of Vilnius, the old part of Žvērynas undoubtedly occupies a special place. Green parks, quiet streets and historic villas make it a very attractive place not only for Vilnius residents, but also for settlers from all over the world. However, at the moment, only a few real estate projects are being developed in the old, prestigious part of the district surrounded by Neris, and not many of them are planned for the future. Žvėrynas is the district with the smallest housing supply in the city.
“Žvērynas is one of the most popular districts of Vilnius, housing prices here are constantly growing and will continue to grow. The prices per square meter of residential projects developed in this area reached and exceeded 5-6 thousand for a long time. euros”, says P. Šatikas.
Most of the buildings in Žvēryn belong to the list of cultural heritage, so there are basically no opportunities for development here. Historical architecture and wooden houses built in the 19th and 20th centuries. junction, are carefully guarded and highly valued. According to the expert, even if a free plot were to become available, very high heritage protection requirements would be imposed on new construction in order to preserve the unique spirit of this area.
Currently, the only project in the area being developed by conversion and offering residential space is “KANSO Sakalų 4” which is under active construction on Sakalų street and is planned to be completed in the first half of next year. The modern low-rise project combines commercial spaces and apartments.
“In such a part of the capital, meeting the expectations of the settlers, only prestigious class, extremely high-quality real estate that meets all modern comfort, sustainability and technological requirements can be developed.” Both the developers themselves and the customers have high requirements for everything: from materials and architectural solutions to construction processes,” says the head of Resolution.
According to the expert, even plots suitable for conversion, which can still be found in the Old Town and other surrounding districts, are almost gone in Žvēryne, therefore, after the completion of “KANSO Sakalų 4” and several other office building projects currently under development in 2025, the construction of this part of Vilnius at least for should stop for a while.
Užupis is a Republic full of plots
Užupis, famous for its bohemian atmosphere and the independence of the “Republic of Užupis”, is also among the districts where abundant development should not be expected. The place attracts artists and creative people, but certainly not modern architecture or new apartment buildings.
“The charm of Užupis lies in its uniqueness, and the local community, together with the city government, protects this property from any mass development. However, buyers’ interest in this place is not abating: in the last decade alone, housing prices here have grown almost threefold,” says P. Šatikas.
In Užupie, apartments can currently be purchased in only a few projects under development, several more small residential projects are planned here, but, as in Žvēryne, according to the expert, there are almost no plots suitable for new construction left, so the supply of new housing in the future should be extremely fragmented and small.
“In the future, investments will probably be directed to renovation projects, but extremely strict heritage protection rules significantly limit opportunities in this area as well, so we shouldn’t expect a large supply,” says the head of Resolution.
The Old Town of Vilnius is the most desirable and inaccessible
It is probably not a surprise to anyone that the construction of new housing is not taking place and probably will not take place in the future in the historic Old Town of Vilnius, which is on the UNESCO heritage list.
“Zvērynas, Užupis, Old Town and the old part of Antakalnis have a common feature – cultural and nature protection is a priority here. These are districts where society and the government make great efforts to protect what is their unique value – history, architecture, nature. It is because of these characteristics that these places are considered prestigious and have always been highly sought after by settlers. However, precisely because of these characteristics, only a few can settle here”, says P. Šatikas.
According to him, the price of a square meter of prestigious housing in the Old Town can reach up to 10 thousand. euros, but there is no shortage of exclusive offers here, where housing is bought for much higher amounts.
“Like in other prestigious districts, those who dream of buying a newer apartment here could only hope for reconstruction and conversion projects, but judging by the projects planned for the near term, there are basically no such projects,” says the real estate expert.
Antakalnis is a two-faceted district
Another prestigious district of the capital, Antakalnis, has been known and appreciated for its luxury, peace and green spaces since ancient times. It remains on the most wanted list to this day.
“Officially, Antakalnis is a large district, various new projects can be found in its territory. However, only the old, historical part of the district, close to the city center and the Neris River, is considered a prestigious place to live. There are plenty of parks, greenery and peace here. In this part of the city, practically no new constructions are currently taking place and no new constructions are planned,” says P.Šatikas.
According to the expert, as in other prestigious districts, one of the most important reasons for this is the lack of suitable plots and long and complicated planning.
“Those who want to settle in one of these districts should hurry: after the end of plots suitable for development, the implementation of all available conversion projects and the sale of the few apartments available, the opportunity to purchase a new home in the prestigious districts of Vilnius will simply no longer exist,” concludes the head of “Resolution”.
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2024-09-20 21:07:23
