Over 80% of new apartments sold in Vilnius

Both the market as a whole and most developers of new apartments were satisfied with the results of apartments sales in Lithuania in Q2 2013. According to data from the Centre of Registers, only 3% more transactions for the purchase and sale of detached houses were finalised in Lithuania in Q2 2013 compared to the same period in 2012. The number of transactions for the purchase and sale of apartments was however 31% higher than a year ago. While in Q2 2012 the average monthly number of transactions for detached houses was 750 and for apartments was 1,830 in Lithuania, this year these figures grew to 775 for detached houses and 2,400 for apartments. Of the five main Lithuanian cities, the greatest growth in the number of apartment transactions in this period was recorded in Šiauliai (68%), Klaipėda (51%) and Vilnius (49%).

Sales of new apartments (in particular in Vilnius) remained high in Q2 2013, too. According to data from Ober-Haus, over this period approximately 620 new apartments in both completed apartment buildings and those being constructed were purchased or reserved directly from constructors in the five main Lithuanian cities. This is a 53% increase compared to Q2 2012, and a 13% decrease compared to Q1 2013. At the end of Q2 2013, the number of unsold new apartments in completed apartment buildings in the main Lithuanian cities was 2,430 or 17% less than at the end of 2012.

While high sales figures have been recorded in Vilnius for the second consecutive quarter, the other main Lithuanian cities simply lack the ‘material’ to improve their figures. A number of new projects have been started in Vilnius, while the other main cities have scarce supply and therefore cannot boast of high sales. For this reason, the share of the other main cities in the total sales figures continues to shrink. While in 2011–2012 the number of new apartments sold in the capital city accounted for 70–75% of all new apartments sold in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys, this year this figure reached 81%. The average number of new apartments sold in Vilnius per month was 100 in 2011, 120 in 2012, and 180 in the first half of 2013.

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