Lithuanian Residential Market Commentary Q4 2012
The year 2012 saw growing investment in the Lithuanian residential property sector. According to data of the Lithuanian Department of Statistics, in 2012, 12% of all material investment (EUR 500 million) was allocated to residential buildings, 2% more than in 2011. The investment growth, albeit slight, was mostly due to the revived construction of apartment buildings in Vilnius in 2011–2012. Construction in other cities is still low.
According to Ober-Haus, in 2012, 2,003 apartments or 2.5 times more than in 2011 were built in Vilnius. The capital city saw 29 different residential projects being implemented with a resulting 36 apartment buildings. Most of the new apartments were built in residential districts of the capital city and accounted for 64% of total supply. The north-western part of the city – residential districts of Verkiai, Pilaitė and Pašilaičiai – remain the most popular with developers. Construction of new apartments in the central part of the city (Naujamiestis, Old Town and Užupis) last year accounted for 22% of total supply and the least number of new projects (14%) were developed in prestigious residential districts (Antakalnis and Žvėrynas).
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The year 2012 saw growing investment in the Lithuanian residential property sector. According to data of the Lithuanian Department of Statistics, in 2012, 12% of all material investment (EUR 500 million) was allocated to residential buildings, 2% more than in 2011. The investment growth, albeit slight, was mostly due to the revived construction of apartment buildings in Vilnius in 2011–2012. Construction in other cities is still low.
According to Ober-Haus, in 2012, 2,003 apartments or 2.5 times more than in 2011 were built in Vilnius. The capital city saw 29 different residential projects being implemented with a resulting 36 apartment buildings. Most of the new apartments were built in residential districts of the capital city and accounted for 64% of total supply. The north-western part of the city – residential districts of Verkiai, Pilaitė and Pašilaičiai – remain the most popular with developers. Construction of new apartments in the central part of the city (Naujamiestis, Old Town and Užupis) last year accounted for 22% of total supply and the least number of new projects (14%) were developed in prestigious residential districts (Antakalnis and Žvėrynas).
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