Apartment prices in Kaunas overtake Klaipėda after more than 6 years
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 0.2% in January 2019. The annual apartment price growth in the major cities of Lithuania was 4.0% (the annual apartment price growth in December 2018 was 3.9%).
In January 2019 apartment prices in the capital grew 0.2% with the average price per square meter reaching EUR 1,515 (+3 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 31.3% (+361 EUR/sqm).
Apartment prices in Kaunas, Šiauliai and Panevėžys in January grew by 0.3%, 0.2% and 0.4% respectively with the average price per square meter reaching EUR 1,077 (+3 EUR/sqm), 667 (+1 EUR/sqm) and 645 (+2 EUR/sqm. Meanwhile in Klaipėda was recorded 0.1% price decrease with average price per square meter reaching EUR 1.075 (-1 EUR/sqm). In the past 12 months, the prices of apartments grew in all major cities: 3.2% in Vilnius, 4.3% in Kaunas, 3.5% in Klaipėda, 8.5% in Šiauliai and 11.3% in Panevėžys.
“This January Kaunas and Klaipėda changed position in terms of average apartment sales prices. Kaunas rose to second place among the five biggest cities of Lithuania after a break of more than six years. Average apartment prices in Kaunas overtook prices in Klaipėda only in the period 2009-2012, i.e. at the very peak of the prices dropping during the financial crisis, when the port city recorded an extremely steep and substantial price decline. From late 2012 to late 2018, the level of apartment prices in Kaunas was statistically lower than those in Klaipėda.
Admittedly, the price differences between Kaunas and Klaipėda are symbolic at the moment and in the immediate future we might see these cities changing positions once again. However, looking at the positive changes taking place in the real estate market in Kaunas over the last two or three years, it is likely that in the long run the potential for faster growth in housing prices will remain specifically in Kaunas,” Raimondas Reginis, Research Manager for the Baltics at Ober-Haus, said.
Full review: Lithuanian Apartment Price Index, January 2019 (PDF)
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