Faster growth in housing prices in Vilnius and Riga; highest prices and market activity in Tallinn
„Ober-Haus“ Lietuvos butų kainų indekso (OHBI), fiksuojančio butų kainų pokyčius penkiuose didžiausiuose Lietuvos miestuose
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 0.4% in August 2016. The annual apartment price growth in the major cities of Lithuania was 4.7% (the annual apartment price growth in July 2016 was 4.8%).
In August 2016 apartment prices in the capital grew 0.7% with the average price per square meter reaching EUR 1,393 (+10 EUR/sqm). During a year the prices of apartments in Vilnius increased by 5.8% and since the last lowest price level recorded in May 2010 prices have increased by 20.7% (+239 EUR/sqm). Apartment prices in Kaunas, Klaipėda and Panevėžys in August grew by 0.2%, 0.1% and 0.2% respectively with the average price per square meter reaching EUR 973 (+2 EUR/sqm), EUR 1.003 and EUR 548 (+1 EUR/sqm). In Šiauliai apartment prices remained stable and were the same as in last month – 589 EUR/sqm.
In the past 12 months, the prices of apartments grew in all major cities: 5.8% in Vilnius, 3.4% in Kaunas, 2.3% in Klaipėda, 5.4% in Šiauliai and 3.5% in Panevėžys.
Apartment prices in Vilnius increased by 0.7% to 1,393 EUR/sqm in August 2016. During a year apartment prices in Vilnius increased by 5.8% and since the last lowest price level in May 2010, apartment prices are higher by 20.7% (by 239 EUR/sqm). In January-August 2016, the number of apartment transactions in Vilnius (6,891 transactions) increased by 13.3% compared with January-August 2015.
In August 2016, apartment prices in Riga increased by 1.0% to the average price of 1,123 EUR/sqm. Over the past 12 months, the average apartment price has increased 6.8% (in July 2016, the annual increase of apartment prices was 5.9%). In total there were 6,258 apartment transactions in January-August 2016 in Riga, which is almost 19.8% more than in the same period of 2015.
The average apartment price in Tallinn decreased by 1.5% to 1,638 EUR/sqm in August 2016. Over the past 12 months, the average apartment price has increased 4.3%. In total there were 5,870 apartment transactions in January-August 2016 in Tallinn, which is 3.2% more than in January-August 2015.
‘The growth in apartment prices intensifies both in Vilnius and Riga. The annual growth in the prices in the Estonian capital, Tallinn, is the slowest among the three Baltic States. Over the past 12 months, housing prices in Vilnius and Riga grew, respectively, by 5.8% and 6.8%; the growth in Tallinn was only 4.3%. The slowdown of growth in prices in the Estonian capital has resulted from the fact that, over the past 5 years, the fastest growth in housing prices has been recorded in Tallinn, with the current price level in the city (1,638 Eur/m²) only slightly lower than the highest price recorded in 2007 (1,707 Eur/m²). Tallinn is ahead of Vilnius and Riga not only in terms of housing prices but also in terms of market activity. Over the first eight months of 2016, 13.4 contracts of purchase and sale of apartments were concluded per 1,000 Tallinn residents; this figure was 12.7 for Vilnius and 9.8 for Riga. Starting from 2008, the highest market activity indicators have been recorded in Tallinn nearly in all years, and a greater market activity in this time period was only recorded in Vilnius in 2014. The housing market activity in Riga remains on average 20–30% lower than that in Vilnius and Tallinn,’ said Saulius Vagonis, head of the Valuation and Market Research Department at Ober-Haus.
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