The majority buy a holiday home for themselves
„When we launched the prestige class project in Palanga, we were expecting interest, but it exceeded our expectations. Almost 40 of the 65 apartments have already been reserved. Interestingly, most of the buyers have chosen the property for their family holidays, not for speculation or rental purposes. Although the price level of luxury housing is high, we notice that it is not a key criterion in buyers' buying decisions. The unique territory, the distance to the sea, the precise architecture and only quality materials provide a solid foundation for buyers to make sure that their investment will be successful,“ says Arnas Bušmanas, Development Manager at SBA Urban and Director of the company developing „Kopų slėnis.“
The project's average price fluctuates around 5600 euros per square meter with complete finishing. According to A. Bušmanas, for some buyers, the decision to buy in „Kopų slėnis“ is also motivated by the possibility of saving money during high inflation. Furthermore, investing in real estate is the most understandable option for many buyers.
Skaidrė Zaliapūgienė, an expert from the real estate agency „Ober-Haus,“ also notices the interest of residents in seaside real estate properties. When analysing the seaside market, it is recorded that despite the decreasing market activity this year, reservations and sales of unique and more luxurious properties remain stable regardless of economic challenges.
Sales of suites have increased
„Rational decisions of customers drive the market interest and demand for real estate – they are willing to pay more for an exceptional location, both close to the sea and surrounded by nature. They understand that with every year and every new project on the seaside, buying a property exceptionally close to the sea will become increasingly difficult. So, the demand for this housing is catalysed by the expectation that a rare and exclusive property will be attractive even in difficult economic times,“ says S. Zaliapūgienė.
This is confirmed by the real estate activity statistics in Palanga. According to data from the Register Centre and the real estate consulting company „Newsec,“ during the first half of 2023 in Palanga, agreements were reached for the construction of 289 new residential buildings and 116 older residential buildings, while at the same time, 154 new and 144 old leisure purpose apartments were sold. Compared to the previous year, apartment sales increased by 6.5 per cent.
„We have planned the project so clients can choose apartments of different sizes – we have both small apartments of 18–30 sqm and large apartments of 40–100 sqm. The smaller ones are chosen by people looking for real estate investment opportunities with faster and higher financial returns. Families tend to plan their holidays in more spacious dwellings. Quality is important to them, with at least 2, 3 or even four rooms, so that everyone can have a comfortable and quality rest“, says A. Bušmanas.
Just a year of construction
With the start of the „Kopų slėnis“ construction at the beginning of the summer, it is planned that the newcomers will be able to live in the project and enjoy the sunsets of the Baltic Sea already next summer. Investments in five exceptional architecture houses and the surroundings will reach up to 10 million euros. Only 65 apartments are planned for the three-storey A++ energy-class buildings, of which 40 are already reserved. Nevertheless, it is a challenge to complete the project in one year, but according to A. Bušmanas, pre-planned construction phases and works, as well as reliable contractors, the RNDV company help to meet the client's commitments and finish the project on time.
„To keep the construction work on schedule, the work put in before the project started was key. We approved and ordered as many solutions as possible well in advance so that material shortages or logistical problems did not pose a challenge. And, of course, partners are also important – even now when unforeseen issues arise, we find solutions very quickly with architects and contractors,“ says Bušmanas.
Within 2.5 months of construction, the second floor of all the „Kopų slėnis“ buildings has been completed. It is planned that by November, all buildings will be completed, and the work will move indoors.
