The entire real estate market in Vilnius, judging by the location and investments in project implementation, is divided by developers into three classes: economic – sleeping districts of Vilnius, medium – strategically better places closer to the center and prestigious – the central part of the capital, the Old Town.
Economy class housing can be found in districts such as Pilaitė, Lazdynėliai or Pašilaičiai, middle class housing in Baltupia, Žirmūnai, Šnipiškės, Antakalnyi, Markučiai, Naujamiestis and part of the Old Town, while prestigious class housing is only located in four parts of the capital: Užupi, the part of Naujamiestis near the Old Town , in the Zoo and in the Old Town.
Housing prices in Vilnius have risen in all classes over the past three years. Currently, the average price in the economy class is about 2760 euros per sq.m. m., middle-class housing varies in a wide range between 3180 and 4240 eur per sq.m. m., and in the prestigious class – 6300 euros per sq.m. m.
“Over the past couple of years, we have recorded the biggest price jump in the prestigious segment. For comparison, at the beginning of 2021, the average price per square meter was 3,190 euros, and now it is 6,300 euros. In this segment, the price ranges from 5,500 to 7,300 euros per square meter. m., but can even reach up to 14 thousand. per sq. m. The situation is exceptional, because in the central areas of the city, the coordination time for projects has increased significantly, it is more strictly assessed from the aspect of cultural heritage, it often takes time to coordinate solutions with neighbors”, reveals Tomas Žiaugra, director of the development department of EIKA Development.
Despite the increased price, real estate sales statistics show that this does not frighten buyers, because there is a very high demand for luxury housing, while there was a supply deficit in the market. In the third quarter of this year, 78 prestigious class apartments were sold in Vilnius. This is the highest amount in almost three years, since the last quarter of 2021, when 91 apartments were sold.
The recovered supply also has a great influence on the rapidly growing sales. Real estate developers understand the current need, so in the second quarter of this year they offered as many as 203 newly built prestigious class apartments. The last time such a high supply was recorded three years ago, when buyers could choose from 220 new apartments at the beginning of 2021.
“In the prestigious class, not only newly built apartments, but also the general supply is growing. In the second quarter of this year, as many as 432 apartments were offered on the market, while at the same time a year ago we had only 175. This is a 2.5-fold increase and the largest supply since the beginning of 2021”, emphasizes T. Žiaugra.
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