Increase in Apartment Prices: Fastest Since 2014
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 0.9% in May 2016. The annual apartment price growth in the major cities of Lithuania was 4.2% (a 3.4% increase was recorded in April 2016).
The prices of apartments grew in all major cities in May 2016. Apartment prices in Vilnius grew 1.0% with the average price per square meter reaching EUR 1,366 (+14 EUR/sqm). In the past 12 months, the prices of apartments in Vilnius increased by 5.5% and since the last lowest price level recorded in May 2010 prices have increased by 18.3% (+212 EUR/sqm). Apartment prices in Kaunas, Klaipėda, Šiauliai and Panevėžys grew by 0.7%, 0.7%, 1.3% and 1.1% respectively with the average price per square meter reaching EUR 964 (+7 EUR/sqm), EUR 999 (+7 EUR/sqm), EUR 581 (+8 EUR/sqm) and EUR 545 (+6 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 5.5% in Vilnius, 2.5% in Kaunas, 2.4% in Klaipėda, 3.8% in Šiauliai and 3.0% in Panevėžys.
“The first half of the year reminds us of the situation in 2014, when the housing market recorded the most prominent positive price changes since the end of the downturn. Particularly low interest rates on loans, positive changes in the national economy and a sufficiently stable global geopolitical and economic situation are driving housing prices in all of the country’s major cities. This May, the apartment market maintained its high-level activity. The number of apartment sale deals in the five major cities was similar to that recorded in April but was one third larger than a year ago. Provided the volumes of sale deals remain at the same level, a rise in housing prices is highly likely,” Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus, said.
Full review (PDF): Lithuanian Apartment Price Index, May 2016
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 0.9% in May 2016. The annual apartment price growth in the major cities of Lithuania was 4.2% (a 3.4% increase was recorded in April 2016).
The prices of apartments grew in all major cities in May 2016. Apartment prices in Vilnius grew 1.0% with the average price per square meter reaching EUR 1,366 (+14 EUR/sqm). In the past 12 months, the prices of apartments in Vilnius increased by 5.5% and since the last lowest price level recorded in May 2010 prices have increased by 18.3% (+212 EUR/sqm). Apartment prices in Kaunas, Klaipėda, Šiauliai and Panevėžys grew by 0.7%, 0.7%, 1.3% and 1.1% respectively with the average price per square meter reaching EUR 964 (+7 EUR/sqm), EUR 999 (+7 EUR/sqm), EUR 581 (+8 EUR/sqm) and EUR 545 (+6 EUR/sqm).
In the past 12 months, the prices of apartments grew in all major cities: 5.5% in Vilnius, 2.5% in Kaunas, 2.4% in Klaipėda, 3.8% in Šiauliai and 3.0% in Panevėžys.
“The first half of the year reminds us of the situation in 2014, when the housing market recorded the most prominent positive price changes since the end of the downturn. Particularly low interest rates on loans, positive changes in the national economy and a sufficiently stable global geopolitical and economic situation are driving housing prices in all of the country’s major cities. This May, the apartment market maintained its high-level activity. The number of apartment sale deals in the five major cities was similar to that recorded in April but was one third larger than a year ago. Provided the volumes of sale deals remain at the same level, a rise in housing prices is highly likely,” Saulius Vagonis, Head of Valuation & Analysis at Ober-Haus, said.
Full review (PDF): Lithuanian Apartment Price Index, May 2016
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