Filaretų namai – a project successfully brought into life

The real estate developer Ober-Haus sold the last apartment in the Filaretų namai block thus successfully completing the project it has been developing since November 2017 at Peteliškių St. in the capital. There were 16 apartments in the new five-storey building. The multi-apartment building was delivered to the State commission in Q2 2019.

The new multi-apartment building in the neighbourhood of Užupis and close to the Pavilnys regional park offered buyers particularly spacious and high quality 2–4 room apartments of 56–100 m² in area with balconies, or terraces as large as 70 m², nicely laid out surroundings, landscaped yard and terraces, underground car park.

‘This exclusive location dictated the architectual and the quality solutions, thus when developing the project particular attention was paid to the quality of construction materials and works, focusing on architectual harmony and the naturalness of the materials’, – says Evaldas Balčikonis, Ober-Haus real estate project manager. Ober-Haus provided consultations on pricing and the project concept, and also contributed to developing and realising the marketing concept, and the management of the sales process.

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A more favourable house price to wage ratio for buyers in 2023 and 2024

Ober-Haus Apartment Price Index for Lithuania (OHBI), which captures changes in apartment prices in the five largest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys), increased by 0.2% in February 2024. The overall level of apartment prices in Lithuania's major cities has grown by 2.2% over the last 12 months (annual growth of 2.1% in January 2024). In February 2024, the sales prices of apartments in Vilnius, Kaunas and Klaipėda grew by 0.3%, 0.3% and 0.1%, respectively, and the average price per square metre amounted to EUR 2,589 (+8 Eur/m²), EUR 1,751 (+6 Eur/m²) and EUR 1,651 (+1 Eur/m²). Meanwhile, Šiauliai recorded a 0.2% decrease in apartment prices in February, with the average price per square metre amounting to EUR 1,095 (-3 Eur/m²). In Panevėžys, the average price per square metre remained unchanged at EUR 1,075 per square metre. Over the year (February 2024 compared to February 2023), apartment prices grew in all major cities of the country: in Vilnius - by 1.8%, in Kaunas - by 3.2%, in Klaipėda - by 3.0%, in Šiauliai - by 1.7%, and in Panevėžys - by 1.8%. "Although the cold snap that has gripped the country's housing market is not going away yet,…

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Over the past few years in Lithuania, we have seen a rapid decline in housing market activity, which has impacted the volume of new housing developments. However, apartment building developers in the country’s major cities have been facing the toughest challenges lately, with very modest apartment sales figures in the period 2022–2023. According to Ober-Haus, compared to the record activity of 2021, in 2023, the sales of apartments in the primary market were down by 68% in Vilnius, 55% in Kaunas, and 57% in Klaipėda. “Despite the two- to three-fold decrease in the sales of newly-built apartments, a very high number of apartments were nevertheless completed in the country’s major cities in 2023, because the development of these projects had begun during 2021 and 2022,” said Raimondas Reginis, Head of Market Research for the Baltics at Ober-Haus. According to Ober-Haus, in 2023, developers in Vilnius built 4,915 apartments for sale – 18% more than in 2022. When considering the last two decades, this is one of the highest figures, second only to those in 2007, 2008 and 2020, when more than 5,000 apartments were built for sale. In 2023, 52 different apartment projects (including ongoing project phases) were available for…

Building permit for the construction of the housing project Vilniaus Džiazas has been obtained
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