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According Ober-Haus Real Estate Advisors data, apartment prices in Vilnius increased by 0.1% to 1,283 EUR/sqm in March 2015. The annual pace of apartment price growth has been slowing for seven months in a row to 2.6% in March. Since the last lowest price level in May 2010, apartment prices are higher by 11.1% (by 129 EUR/sqm). In January-March 2015, the number of apartment transactions in Vilnius decreased by 27% compared with the same period in 2014.
In March 2015 apartment prices in Riga decreased by 0.7% to the average price of 1,047 EUR/sqm. Over the past 12 months, the average apartment price has increased 0.7% (in February 2015, the annual growth of apartment prices was 2.0%). In January-March 2015, the number of apartment transactions in Riga decreased by almost 23% compared with the same period in 2014.
The average apartment price in Tallinn increased by 6.0% to 1,576 EUR/sqm in March 2015, which means that annual increase is 7.3%. There were over 140 transactions with new apartments in March which is the highest figure in the past years. In total there were 1,917 apartment transactions in January-March 2015 in Tallinn, which is almost 3% more than in the same period of 2014.
Ober-Haus Real Estate Advisors presents its annual real estate market report 2015 on the Baltic States Capitals – Vilnius (Lithuania), Riga (Latvia) and Tallinn (Estonia), which features an economic overview and an overview of the office, retail, warehousing, residential premise and land markets for each of the three countries. The report also contains a tax section prepared by PricewaterhouseCoopers and a legal section offered by Law Firm SORAINEN.
Apartment prices in Vilnius increased by 0.2% to 1,282 EUR/sqm in February 2015. In February annual growth of apartment prices has decreased from 4.5% to 3.8%. Since the last lowest price level in May 2010, apartment prices are higher by 11.1% (by 128 EUR/sqm). In January-February 2015, the number of apartment transactions in Vilnius decreased by 31% compared with the same period in 2014.
In February 2015 apartment prices in Riga remained stable with the average price of 1,054 EUR/sqm. Over the past 12 months, the average apartment price has increased 2.0% (in February 2014, the annual growth of apartment prices was 4.2%). In January-February 2015, the number of apartment transactions in Riga decreased by 22% compared with the same period in 2014.
The average apartment price in Tallinn decreased 4.8% to 1,488 EUR/sqm in February 2015, which means that annual increase is 6.7%. In total there were 1,195 apartment transactions in January-February 2015 in Tallinn, which is 2% more than in the same period of 2014.
Apartment prices in Vilnius fell marginally in December 2014, down 0.1%. This is the fourth successive monthly fall in prices, which dropped the average price to 1,280 EUR/sqm. The annual growth of apartment prices has decreased to 5.1% (in November, the annual growth of apartment prices in the capital city was 5.5%). Despite decrease in prices in the second half of 2014, since the last lowest price level in May 2010, apartment prices are higher by 10.9% (126 EUR/sqm). In 2014, the number of apartment transactions in Vilnius increased by 9%.
In December 2014 apartment prices in Riga remained stable with the average price of 1,058 EUR/sqm. Over the past 12 months, the average apartment price has increased 2.3% (in November, the annual growth of apartment prices was 4.0%). In 2014, the number of apartment transactions in Riga decreased by 0.2%.
The average apartment price in Tallinn decreased 2.3% to 1,494 EUR/sqm in December 2014, which means that annual increase is 9.8%. In total there were 7,541 apartment transactions during 2014 in Tallinn, which is 2.9% less than in 2013.
According Ober-Haus Real Estate Advisors data, apartment prices in Vilnius fell marginally in October 2014, down 0.1%. This is the second successive monthly price fall in a row, which dropped the average price to 1,285 EUR/sqm. The annual growth of apartment prices has decreased to 6.4% (in September, the annual growth of apartment prices in the capital city was 6.8%). The biggest decrease in prices was recorded for apartments in residential districts. In January-October 2014, the number of apartment transactions in Vilnius increased by 13%, if compared to the same period of 2013.
In October 2014 apartment prices in Riga remained stable with the average price of 1,058 EUR/sqm. Over the past 12 months, the average apartment price has increased 5.2%. Since the lowest price level (September-October 2009), apartment prices in Riga have raised 24.6% (+208 EUR/sqm). In January-October 2014, the number of apartment transactions in Riga increased only by 0.4%, if compared to the same period of 2013.
The average apartment price in Tallinn increased 0.3% to 1,458 EUR/sqm in October 2014, which means that annual increase is 9.2%. In total there were 6,187 apartment transactions during ten months of 2014 in Tallinn, which is 4.2% less than in the same period of 2013.
After positive price trends in the last 18 months apartment prices in Vilnius decreased by 0.2% to 1,286 EUR/sqm in September 2014. The annual growth of apartment prices has decreased to 6.8% (in August, the annual growth of apartment prices in the capital city was 7.3%). The biggest decrease in prices was recorded in the 45-55 sqm sized old and new construction apartments in residential districts. In January-September 2014, the number of apartment transactions increased by 15% in compared to the same period of 2013.
In September 2014 apartment prices in Riga remained stable with the average price of 1,058 EUR/sqm. Over the past 12 months, the average apartment price has increased 5.8%. Since the lowest price level (September-October 2009), apartment prices in Riga have raised 24.6% (+208 EUR/sqm). In total there were 6,911 apartment transactions in January-September 2014 in Riga – 5.3% more than in the same period of 2013.
The average apartment price in Tallinn decreased 4.1% to 1,426 EUR/sqm in September 2014, which means that annual increase is 13.7%. In total there were 5,474 apartment transactions in January-September 2014 in Tallinn, which is 3.8% less than in the same period of 2013.
Vilnius apartment prices rose by 0.4% to 1,289 EUR/sqm in August. During a year apartment prices in Vilnius increased by 7.3%, and since the last lowest price level (May 2010) have raised 11.6% (+134 EUR/sqm). There were 6,699 apartment transactions in January-August 2014 in Vilnius – almost 18% more than in the same period of 2013.
In August 2014, apartment prices in Riga have increased by 0.4% to average price of 1,058 EUR/sqm. Over the past 12 months, the average apartment price has increased 6.1%. Since the lowest price level (September-October 2009), apartment prices in Riga have raised 24.6% (+209 EUR/sqm). The number of apartment transactions in August 2014 increased by 10% compared to August 2013. In total there were 6,226 apartment transactions in January-August 2014 in Riga – 6% more than in the same period of 2013.
The average apartment price in Tallinn increased 3.2% to 1,487 EUR/sqm in August 2014, which means that annual increase is 18.6%. During last three months the number of apartment transactions has been in falling trend, but in line with last year. In total there were 4,815 apartment transactions in January-August 2014 in Tallinn, which is almost 4% less than in the same period of 2013.
On 1‘st of July Remigijus Pleteras was assigned as the new General Manager of Ober-Haus Real Estate Advisors in Lithuania, replacing Vytas Zabilius who decided to leave the position. “There comes a moment when you clearly realize that your mission here is done”, said V. Zabilius which led the company for 15 years and further on will remain as the chairman of the board in the company‘s management structure.
Newly assigned manager Remigijus Pleteras began his career in Ober-Haus nine years ago. In 2005 he started managing company’s residential department and branches located in Ukraine. Four years later he was assigned as Deputy General Manager. Currently studying master degree at ISM University of Management and Economics, R. Pleteras stated that the company will continue to go the same route of providing exceptional services.
Ober-Haus started operations in Lithuania in 1998, currently having ten offices spread throughout the country and cooperating with 128 real estate experts, all while having the largest real estate valuators team in Lithuania. In 2013 Lithuanian Ober-Haus subdivision provided 7182 real estate related services and showed an increase of 16% compared with the year before. In 2013 company’s turnover reached 10,62 million Lithuanian litas, meaning an increase of 48% compared with 2012.
For more information contact:
Remigijus Pleteras
UAB „Ober-Haus“ General Manager
Mobile: +370 659 350 33
Lina Luneckienė
UAB „Ober-Haus“ Marketing and Pulic Relations Projects Manager
Mob.: +370 600 33688
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.
Vilnius apartment prices rose by 1.6% to 1,271 EUR/sqm in April 2014. There are undeniable signs of market recovery as this is the biggest monthly increase since the end of 2007. During a year apartment prices in Vilnius increased by 6.3%, and since the last lowest price level (May 2010) have raised 10.1% (+117 EUR/sqm). There were over 3,387 apartment transactions in January-April 2014 in Vilnius – 31% more than in the same period of 2013.
In April 2014, apartment prices in Riga have increased by 0.2% to average price of 1,042 EUR/sqm. Over the past 12 months, the average apartment price has increased 5.1%. Increase in April was mainly influenced by rise in prices of old construction apartments in residential districts. The number of apartment transactions in first four month of 2014 increased by 5.5% compared with the same period of 2013.
After significant increase in March 2014, the average apartment price in Tallinn decreased by 1.2% to 1,451 EUR/sqm. The annual increase in April 2014 dropped to 20.3%. There were 2,539 apartment transactions during first four months of 2014 in Tallinn, which is 6% more than during the same period in 2013.
In April 2014 apartment prices have decreased the most -0.7% in Gdańsk and this brings the average apartment price to EUR 1,304 per sqm. The prices in other cities decreased from -0.2% in Warsaw to -0.5% in Poznań. During the last 12 months the price of apartments has dropped from 1.1% in Łódź to 2.5% in Gdańsk. From the highest apartment price level and until April 2014, apartment prices drop from 15.3% in Warsaw to 37.1% in Łódź.