Slight change in apartment prices recorded in major cities in December

2019-01-11

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 0.2% in December 2018. The annual apartment price growth in the major cities of Lithuania was 3.9% (the annual apartment price growth in November 2018 was 3.8%).

In December 2018 apartment prices in the capital grew 0.2% with the average price per square meter reaching EUR 1,512 (+3 EUR/sqm). Since the last lowest price level recorded in May 2010 prices have increased by 31.0% (+358 EUR/sqm). Apartment prices in Kaunas and Šiauliai in December grew by 0.3% respectively with the average price per square meter reaching EUR 1,074 (+2 EUR/sqm) and EUR 666 (+2 Eur/sqm). Meanwhile in Panevėžys was recorded 0.1% price decrease with average price per square meter reaching EUR 643 (-1 EUR/sqm). In Klaipėda no price changes were recorded and average apartment price remained the same as in November – EUR 1,076.

In the past 12 months, the prices of apartments grew in all major cities: 3.0% in Vilnius, 4.2% in Kaunas, 3.7% in Klaipėda, 8.9% in Šiauliai and 11.6% in Panevėžys.

‘The year 2018 ended in a sufficiently calm mood and there were no significant changes in sales prices in the apartment market in major cities. Looking back at 2018, the year started with a very slow change in apartment prices in Vilnius, Kaunas and Klaipėda. In Q1, minor both positive and negative changes in prices were recorded. During the rest of the year, the apartment sales prices in major cities returned to moderate, but steady growth. The annual growth rate remained within the range of 3–4%, i.e. the prices increased at the same pace as in 2017.

Meanwhile in Šiauliai and Panevėžys, the cities with the smaller price levels, a higher growth rate of apartment sales prices was recorded in 2018, which resulted in a much higher annual figure compared to that in Vilnius, Kaunas and Klaipėda. This was the biggest positive annual apartment sales price change over a decade,’ Raimondas Reginis, Ober-Haus market research manager for the Baltics, said.