Housing prices follow the dynamics of changes in the prices of basic consumer goods and services
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 0.4% in June 2024. The overall level of apartment prices in Lithuania’s major cities has grown by 3.3% over the last 12 months (annual growth of 2.7% in May 2024).
In June 2024, the sales prices of apartments in Vilnius, Kaunas, Šiauliai and Panevėžys grew by 0.5%, 0.7%, 0.9% and 0.3%, respectively, and the average price per square metre amounted to EUR 2,615 (+12 Eur/m²), EUR 1,778 (+12 Eur/m²), EUR 1,131 (+11 Eur/m²) and EUR 1,103 (+3 Eur/m²). Meanwhile, Klaipėda recorded a 0.1% decrease in apartment prices in June, with the average price per square metre amounting to EUR 1,687 (-2 Eur/m²).
Over the year (June 2024 compared to June 2023) apartment prices increased in all major cities of the country: in Vilnius – 2.5%, in Kaunas – 3.2%, in Klaipėda – 5.3%, in Šiauliai – 4.9%, and in Panevėžys – 4.2%.
“Looking at the sales price curve for housing in major cities in recent years, it can be seen that it is broadly in line with the price dynamics of consumer goods and services in the country. According to the State Data Agency, the annual inflation rate calculated on the basis of the Harmonised Index of Consumer Prices in June 2024 was 1.0%, while the selling prices of apartments grew by 3.3% over the same period. This means that real selling prices of apartments in the country’s major cities rose by 2.2% over the year, net of inflation.
And despite the significant rise in nominal terms in apartment prices over the last three years (36.5%), this increase did not stand out in the context of the country’s overall inflation (31.8%). That is to say, over the three years, real selling prices of apartments in the country’s major cities increased by only 3.4%. This has been the longest period with the smallest gap between the change in house prices and inflation and, historically speaking, we have only seen a very similar situation in the 2013-2015 period. This is good news for potential homebuyers, as real wage growth has accelerated and housing affordability indicators are slowly improving as inflation has receded,” says Raimondas Reginis, Research for the Baltics at Ober-Haus.
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