Despite the stability in the housing market, the outlook remains negative
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 0.2% in May 2023 (the price index in April 2023 increased by 0.3%). The apartment prices in the major cities of Lithuania have increased by 12.3% over the last 12 months (the annual growth in April 2023 was 14.0%).
In May 2023, apartment sales prices in Klaipėda and Šiauliai decreased by 0.1% and 0.5%, respectively and the average price per square meter in these cities was EUR 1,606 (-1 EUR/sqm) and EUR 1,077 (-6 Eur/sqm). In Vilnius, Kaunas and Panevėžys, apartment sales prices increased by 0.2%, 0.5% and 0.3% respectively, and the average prices per square meter stood at EUR 2,556 (+6 EUR/sqm), EUR 1,719 (+9 EUR/sqm) and EUR 1,057 (+3 Eur/m²) respectively.
Apartment prices rose year-on-year in May 2023 in all major cities of the country: 14.7% – in Vilnius, 10.2% – in Kaunas, 10.0% – in Klaipėda, 5.8% – in Šiauliai and 6.9% – in Panevėžys.
“The latest results in both primary and secondary housing market activity show that the Lithuanian housing market has remained fairly stable recently, however, at least in the short term, the overall outlook is negative. For example, following more active months of March and April this year, a slump was recorded again in the activity in the secondary apartment market in May. According to the State Enterprise Centre of Registers, in May 2023 nearly 2,000 older apartments were purchased in Lithuania, or 12% less than in April 2023 and 19% less than in May 2022. Meanwhile, the overall sales volumes in the primary apartment market continue to remain at low levels. According to Ober-Haus, in January-May this year, compared to the average indicator in 2022, sales volumes were by 22% lower in Vilnius, 17% – in Kaunas and 34% – in Klaipėda. The activity rates in May in these cities did not show a positive trend either.
The situation is similar with respect to apartment sales prices. Once again, small positive or negative changes have been recorded in the sales prices in the country’s major cities, indicating continued price stagnation. With the housing market activity remaining at a relatively low level or even declining, it is increasingly likely that we will see more and more negative changes in apartment sales prices as the year progresses. In the environment of rising mortgage rates, homebuyers remain extremely cautious, while most home sellers are still reluctant to offer real discounts,” noted Raimondas Reginis, Head of Market Research for the Baltic countries at Ober-Haus.
Latest news
All news
“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
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
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