Lower apartment market activity and more modest price changes recorded in April

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 0.1% in April 2017. The annual apartment price growth in the major cities of Lithuania was 5.1% (the annual apartment price growth in March 2017 was 5.6%).

In April 2017 apartment prices in the capital grew 0.1% with the average price per square meter reaching EUR 1,437 (+2 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 24.5% (+283 EUR/sqm). Apartment prices in Kaunas and Klaipėda in March grew by 0.2%, respectively with the average price per square meter reaching EUR 995 (+2 EUR/sqm) and EUR 1,021 (+2 EUR/sqm). In Šiauliai apartment prices remained stable and the average price per square meter was the same as in March – EUR 601. Meanwhile, in Panevėžys was recorded 0.3% decrease with the average price per square meter reaching EUR 560 (-2 EUR/sqm).

In the past 12 months, the prices of apartments grew in all major cities: 6.3% in Vilnius, 3.9% in Kaunas, 2.9% in Klaipėda, 4.9% in Šiauliai and 4.0% in Panevėžys.

‘In April 2017, the market was less active. The number of transactions for apartments concluded in all major cities of the country was smaller compared with both March 2017 (19%) and April 2016 (20%). Price changes in April were also considerably smaller than those either in early 2016 or 2017’, Saulius Vagonis, manager of the Valuation and Market Research Department at Ober-Haus, said.

Lithuanian Apartment Price Index, April 2017

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