Baltic Capitals & Polish Cities Apartment Price Indexes, May 2014
After significant increases in apartment prices in March and April, price rise slowed down in May 2014. Vilnius apartment prices rose by 0.5% to 1,278 EUR/sqm in May. During a year apartment prices in Vilnius increased by 6.8%, and since the last lowest price level (May 2010) have raised 10.7% (+123 EUR/sqm). There were over 4,475 apartment transactions in January-May 2014 in Vilnius – 29% more than in the same period of 2013.
In May 2014, apartment prices in Riga have increased by 0.5% to average price of 1,047 EUR/sqm. Over the past 12 months, the average apartment price has increased 5.3%. Increase in May was mainly influenced by rise in prices of old construction apartments in residential districts. The number of apartment transactions in May 2014 reached 751 and increased by 2.7% compared to May 2013.
The average apartment price in Tallinn decreased 5.0% to 1,379 EUR/sqm in May 2014, which means that annual increase dropped to 9.6%. Although prices plummeted last month rapidly (due to less transactions with new apartments), increase can be noticed in old soviet era apartments in residential districts like Lasnamäe, where prices of smaller apartments have soared even up to 30% during the year. There were 3,108 apartment transactions during first five months of 2014 in Tallinn, which is 0.6% less than during the same period in 2013.
In May 2014 apartment prices have decreased the most – 0.6% in Gdańsk and this brings the average apartment price to 1,314 EUR/sqm. The prices in other cities decreased from -0.1% in Warsaw to -0.5% in Poznań. The prices in Łódź were stable. Thanks to appreciation of Polish zloty, prices denominated in EUR increased moderately. During the last 12 months the price of apartments has dropped from 0.9% in Warsaw to 3.0% in Gdańsk. From the highest apartment price level and until May 2014, apartment prices drop from 15.4% in Warsaw to 37.1% in Łódź.
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A more favourable house price to wage ratio for buyers in 2023 and 2024
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The cumulative effect of several years of housing market activity decline, suggests around 40% lower construction volumes in 2024
Over the past few years in Lithuania, we have seen a rapid decline in housing market activity, which has impacted the volume of new housing developments. However, apartment building developers in the country’s major cities have been facing the toughest challenges lately, with very modest apartment sales figures in the period 2022–2023. According to Ober-Haus, compared to the record activity of 2021, in 2023, the sales of apartments in the primary market were down by 68% in Vilnius, 55% in Kaunas, and 57% in Klaipėda. “Despite the two- to three-fold decrease in the sales of newly-built apartments, a very high number of apartments were nevertheless completed in the country’s major cities in 2023, because the development of these projects had begun during 2021 and 2022,” said Raimondas Reginis, Head of Market Research for the Baltics at Ober-Haus. According to Ober-Haus, in 2023, developers in Vilnius built 4,915 apartments for sale – 18% more than in 2022. When considering the last two decades, this is one of the highest figures, second only to those in 2007, 2008 and 2020, when more than 5,000 apartments were built for sale. In 2023, 52 different apartment projects (including ongoing project phases) were available for…
Building permit for the construction of the housing project Vilniaus Džiazas has been obtained
Unique Properties, a real estate development company, has received a permit and started the construction of the Vilniaus Džiazas project in K. Vanagėlio Street in Vilnius Old Town. K. Vanagėlio str. 11 and 18, which consists of a two-storey apartment building with 62 apartments and 11 commercial premises, a 1200 sqm administrative cultural heritage object of interwar construction and public spaces. The project will feature apartments with 4,5 m high ceilings and 4 m high stained-glass windows, the ground floor will have private patios and access to a garden, while the second and third floors will have balconies and the last floor will have private terraces. According to Gediminas Tursa, CEO of Unique Properties, Vilniaus Džiazas aims to revitalise a part of the Old Town that was undeservedly forgotten during the Soviet era, and to reconnect it with the Rasa. The complex not only includes an open and lively commercial street along the north-south axis, but also new pedestrian and cycling connections to the railway station. "After obtaining the building permit, the company received a lot of interest from interested parties and within a couple of weeks it sold several more apartments - currently Vilniaus Džiazas has signed about 20…
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