Preliminary data from creative real estate projects' development and placemaking company Citus analysts show that 429 new residential properties (flats, terraced houses, lofts) were sold in Vilnius in April*. It is 19% less than in March (528 transactions), but as much as 115% more than in the same period last year (200 transactions).
Savostė summarises:
The unusually warm weather and public holidays slightly reduced the number of transactions. Still, I don't see the decline in results in all three cities as a sudden slowdown, but rather as a natural correction after an exceptionally active first quarter. The market pace remains high, and buyer expectations are positive.
In Kaunas, 109 transactions were recorded monthly (176 in March and 58 in April 2024). In Klaipėda, 35 transactions were recorded (48 in March and only 7 in April last year).
Supply remains high in Vilnius, Kaunas, and Klaipėda: Vilnius has 6,060 dwellings (767 new dwellings per month), Kaunas has 1,070 (86 new dwellings in April), and Klaipėda has 571 (94 new dwellings in April).
Savostė concludes:
Activity remains strong, as evidenced by the figures and the emotional temperature of the market. Growing supply means that developers in all major cities feel confident, while buyers have more options to compare and choose from. This increase in supply is particularly welcome in Vilnius, where the growth of the range is essential for maintaining demand. The capital's market is important not only because it is the biggest, but also because it sets the tone for other cities.
The average price per sqm of flats on offer in Vilnius in April was EUR 3,699, up 9.56% year-on-year (in April 2024, it was EUR 3,376/sqm), 6.53% since the beginning of the year, and 1.32% month-on-month. In Kaunas, the price increased similarly over the year, but only a little over the month: it rose by 0.57% to EUR 2,888 per sqm. In Klaipėda, prices also increased by about 3.26% per month, but due to a significant statistical increase in more expensive offers a few months ago, they remain higher than usual at EUR 3,209 per sqm.
*Citus analysts calculate preliminary transactions for purchasing apartments and terraced houses to assess the demand in the primary housing market. Terraced houses are included in this figure because, technically, most terraced houses are classified as flats and are relevant for homebuyers. Also, the current month's result does not exclude cancellations of market-preliminary contracts, which are usually related to previously concluded transactions and, therefore, do not reflect the current month's demand. The sales result is sometimes inflated by aggregating previous months' sales in specific projects to record the inflated sales in a given month. However, larger clusters are recorded, and the data are continuously updated so that the discrepancies even out in the longer term.