A land plot has been sold in Fabijoniškės – an apartment building is set to be constructed
With the help of Ober-Haus, a 1.7-hectare plot of land on Mykolo Lietuvio Street in Vilnius, intended for the construction of multi-apartment residential buildings, was sold. The property, which came with a completed multi-apartment residential complex project and a valid building permit, was purchased by UAB Demus Development VIII. The transaction value amounted to EUR 3.5 million + VAT.
‘The plot attracted active interest — it was evaluated by various developers looking for larger areas for new multi-apartment projects.’ Development in the Fabijoniškės district has been particularly slow in recent years, so any new project in this area is an important and welcome change. Therefore, plots of this type remain attractive to developers, as they have clear potential and the opportunity to revitalise the local market,’ says Aidas Trumpickas, the Ober-Haus real estate expert who mediated the transaction.
UAB Demus Development VIII will develop a multi-apartment project in this area.
‘The Vilnius land market remains active – buyers are looking for plots with clear development potential and the possibility to start work quickly. In such cases, it is particularly important to have a good understanding of the market, including realistic prices and potential buyers, to ensure smooth negotiations and avoid risks,” adds A. Trumpickas.
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