Lietuvos nekilnojamojo turto ir ekonominės aplinkos metinė apžvalga

Lithuanian Real Estate Review

Stable is boring, right?  Economic growth is up – but not so much.  House prices are up – but not after inflation.  Yields are OKish – not spectacular.  It’s hard to get excited about Lithuania as a residential investment destination.

Lithuania’s five major cities’ apartment price index (covering Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) rose nominally by 3.57% during 2017, according to OberHaus Real Estate Advisors. However, when adjusted for inflation, apartment prices actually declined by 0.33% y-o-y in 2017.

The difference between the real and nominal trend can be attributed to the rise in inflation during 2017. Inflation accelerated to 3.7% in 2017, sharply up from just 0.7% in 2016 and a deflation of 0.7% in 2015.

Quarter-on-quarter, apartment prices in the country’s five major cities rose by just 0.51% in Q4 2017 (0.1% inflation-adjusted), the lowest quarterly rise since Q4 2015.

By Cities

Most of Lithuania’s major cities mirror the national trend: nominal prices continue to rise but real values are actually falling.

  • In Vilnius average apartment prices rose by 3.6% y-o-y in 2017, to €1,468 per square metre (sq. m.). When adjusted for inflation, however, prices in the capital city actually fell by 0.33% over the same period.
  • In Kaunas, apartment prices rose by 4.8%, to €1,031 per sq. m. (increased 0.85% after inflation)
  • In Klaipėda, apartment prices increased 2.4%, to an average of €1,037 per sq. m. (but fell 1.43% after inflation)
  • In Šiauliai, apartment prices increased 2.7%, to an average of €612 per sq. m. (but fell 1.13% after inflation)
  • In Panevėžys, existing flats rose by 3.1%, to an average of €576 per sq. m. (but fell 0.81% after inflation)

By property type:

  • Newly-built houses: the average price rose by 9% y-o-y in 2017, to €632 per sq. m., according to the State Enterprise Centre of Registers.
  • Existing houses: the average price rose by 3.6%, to €363 per sq. m.
  • Newly-built apartments: the average price rose by 1.1%, to €1,272 per sq. m.
  • Existing apartments: the average price increased 6.3%, to €793 per sq. m.

In 2017, the total number of property transactions rose modestly by 3% y-o-y to 124,600 units, based on figures from State Enterprise Centre of Registers.

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