The 2023 annual apartment price increase stood at 1.7% and the average annual price increase – at 8.2%

The Ober-Haus Apartment Price Index (OHBI) in Lithuania, which records changes in apartment prices in five major Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys), increased by 0.5% in December 2023. Overall, the apartment prices in the major cities of Lithuania have increased by 1.7% over the last 12 months. The average annual apartment price increase in 2023 (January-December year-on-year) stood at 8.2%.

In December 2023, apartment sales prices in Vilnius, Kaunas, Klaipėda and Panevėžys increased by 0.4%, 0.6%, 0.8% and 0.8% respectively and the average price per square meter in these cities was EUR 2,575 (+11 EUR/sqm), EUR 1,736 (+10  EUR/sqm), EUR 1,640 (+13 EUR/sqm), and EUR 1,081 (+8 EUR/sqm). In Šiauliai, apartment sales prices decreased by 0.7% and the average price per square meter was EUR 1,098 Eur (-8 EUR/sqm).

Apartment prices rose year-on-year in December 2023 in all major cities of the country: 1.1% – in Vilnius, 2.7% – in Kaunas, 2.4% – in Klaipėda, 2.4% – in Šiauliai and 2.0% – in Panevėžys

“Despite the decrease in the number of sales transactions in the Lithuanian housing market by 14% for two consecutive years, the country avoided a decline in the sale prices in 2023. In the course of the year, only minor positive or negative monthly changes in the sales prices of apartments were recorded, resulting in a symbolic overall annual price increase of 1.7%. The last time even lower annual price increase was recorded in the country’s major cities was ten years ago, in December 2013, and stood at 1.1%. Since apartment sales prices remained record high throughout the year, the average annual change in 2023 remained quite solid – at 8.2%. Looking at the results of the last decade, a faster average annual growth of apartment prices in the country’s major cities was recorded only in 2021 (14.2%) and 2022 (21.5%). Overall, the sales price curve for apartments in 2023 coincided with the national inflation rates and almost replicated the changes in prices of other consumer goods and services.

Looking at individual cities or housing segments in the country, the overall trends in price changes during the year were almost identical. A rapid slowdown in price growth was recorded across all major cities and housing segments. Despite the low activity of the primary apartment market and the discounts and various gifts offered by developers, the prices for newly build apartments in 2023 increased slightly more than the prices of older apartments, an increase of 3.2% and 0.7% respectively.

Even the subdued mood and the noticeable drop in activity on the property market did not force the majority of the sellers to actually reduce their prices and as the year progressed housing market participants essentially moved into the waiting mode. Potential buyers were waiting for a clearer geopolitical situation, lower mortgage rates or lower house prices, while sellers expected buyers to return to the market in the future and waited patiently for them. Meanwhile, housing developers were as active as ever in promoting their properties and offering various benefits to buyers, and reduced the volume of new developments. If there is a turnaround in the market expected by sellers and buyers in 2024 and buyers return to the market, a negative annual change in house prices is likely to be avoided. However, taking into account all the existing global or local challenges, it is possible that the recovery of the housing market will not necessarily be sudden and it will take longer than expected for the buyers’ willingness and capacity to buy homes to recover,” says Raimondas Reginis, Head of Market Research for the Baltics, Ober-Haus.

Latest news

All news
“e-market city” completes its second phase – the development of a modern “stock office” type shopping town continues
2025-04-23

“e-market city” completes its second phase – the development of a modern “stock office” type shopping town continues

"e-market city", an online and wholesale shopping town located in a business-friendly location at the intersection of Eišiškių pl. and Geologų Street, is rapidly approaching the end of its second phase. The final construction works are currently underway and the first tenants of the new phase are preparing to move in as early as June-July. "The predominant floor areas of e-market city - ranging from 370 to 960 m² - are easily combinable and adaptable to a wide range of commercial activities. Existing and potential tenants appreciate the easy accessibility, high quality of construction and fitting-out, functional layout and solid neighbourhood, where well-known companies such as Assa Abloy, Dextera, Skuba, Skuba, Maidina, Šildymas plius, YE International, etc. are already located. The first phase is already 100% leased, while the second phase is still available - we invite you to get in touch", says Remigijus Valickas, Commercial Real Estate Projects Manager at Ober-Haus. The project is being developed in three phases on an area of 3.9 ha. The total area of the buildings will exceed 20,000 m² and the total investment in the project will amount to more than EUR 25 million. For more information about the project and leasing opportunities,…

The recovery of a very strong-looking housing market may slow down
2025-04-10

The recovery of a very strong-looking housing market may slow down

The Ober-Haus Lithuanian apartment price index (OHBI), which follows changes in apartment sale prices in the five biggest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) increased by 0.5% in March 2025. The annual apartment price growth in the biggest cities of Lithuania was 4.3% (a 4.1% increase was recorded in February 2025). In March 2025 apartment prices in Vilnius, Kaunas, Šiauliai and Panevėžys increased by 0.4%, 1.3%, 0.4% and 0.2%, respectively, with the average price per square meter reaching EUR 2,680 (+10 EUR/sqm), EUR 1,846 (+24 EUR/sqm), EUR 1,172 (+4 EUR/sqm) and EUR 1,149 (+2 EUR/sqm). In the same month, apartment prices in Klaipėda decreased by 0.1% and the average price per square meter dropped to EUR 1,752 (-2 Eur/sqm). In the past 12 months, the prices of apartments increased in all the biggest cities in the country: 3.3% in Vilnius, 5.6% in Kaunas, 5.4% in Klaipėda, 6.5% in Šiauliai and 6.4% in Panevėžys. "At the beginning of 2025, the country's housing market is showing impressive results. After a very strong growth in housing transactions in January and February this year, the increase in the number of transactions continued in March. According to the data of the State Enterprise…

Housing market has woken up, but no faster price growth yet
2025-03-10

Housing market has woken up, but no faster price growth yet

The Ober-Haus Lithuanian apartment price index (OHBI), which follows changes in apartment sale prices in the five biggest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) increased by 0.4% in February 2025. The annual apartment price growth in the biggest cities of Lithuania was 4.1% (a 4.0% increase was recorded in January 2025). In February 2025 apartment prices in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys increased by 0.3%, 0.1%, 0.8%, 0.8% and 0.9%, respectively, with the average price per square meter reaching EUR 2,670 (+7 EUR/sqm), EUR 1,822 (+2 EUR/sqm), EUR 1,754 (+13 EUR/sqm), EUR 1,168 (+10 EUR/sqm) and EUR 1,147 (+10 EUR/sqm). In the past 12 months, the prices of apartments increased in all the biggest cities in the country: 3.2% in Vilnius, 4.1% in Kaunas, 6.2% in Klaipėda, 6.6% in Šiauliai and 6.7% in Panevėžys. ‘As predicted, a rapid annual growth in the number of housing transactions is recorded at the beginning of 2025. According to the data of the State Enterprise Centre of Registers, 40% more apartments were purchased in the country in January this year and 39% more in February this year than in the same month in 2024. It should be noted that in the…

All news
+
Mandatory
Mandatory cookies help make a website usable by enabling basic functions like page navigation and access to secure areas of the website. The website cannot function properly without these cookies.
Functional
Functional cookies enable a website to remember information that changes the way the website behaves or looks, like your preferred language or the region that you are in. Functional cookies are currently unused.
Statistical
Statistical cookies help website owners to understand how visitors interact with websites by collecting and reporting information anonymously. Statistical cookies are currently unused.
Advertising
Marketing cookies are used to track visitors across websites. The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers.
Allow all Deny All

Mail sent!