The real estate market in Lithuania is now fully recognized
alongside its neighbouring Baltic States Estonia and Latvia.
Initially, after joining the EU in 2004, the Estonian and Latvian
property markets took off leaving Lithuania trailing
behind; however, interest in Lithuanian property, especially
apartments in the country's capital Vilnius, is now on the rise.
Buyers are also looking to areas such as Kaunas or Klaipeda to
invest their money.
Vilnius
Vilnius, Lithuania's capital city has the most active property
market in the country. Prices for new builds have started to
stabilise but apartments in central Vilnius and Old Town are still
on the rise with average flat prices from 1000 to 2300 Euros per
square metre. In the suburbs prices range from 700 to 900 Euros per
square metre, making property considerably more expensive the
further into the city centre you buy. The demand and activity
surrounding new builds is continuing to grow with 1-2 bed
apartments costing 700 to 800 Euros per square metre. In general
new builds are the most sought after of properties. Most flats are
sold off-plan before they are completed because demand is still
outstripping supply.
Maisia Galos City and Cerviskiuk are both areas near to Vilnius
that offer lower priced properties with access to the city centre
and all its amenities.
Klaipeda
Klaipeda is a large, multi-modal transport junction of sea, land
and railway routes, connecting Eastern and Western industries and
markets in the shortest possible ways. This ideal trade location
makes it an exciting place to invest as improvements to the area
are constant; interest has already started to increase with flat
prices rising by 15% in the first half of 2006. New build flats in
the city centre cost 800 to 1150 Euros per square metre. In the
suburbs, prices are lower between 640 – 820 Euros per square metre.
The massive demand for 1-2 bedroom apartments is exceeding supply
with prices starting from 26,000 Euros. Renovated and new build
properties in Klaipeda are of equal interest to investment
buyers.
Kaunas
Kaunas, Lithuania's second largest city is the centre for
culture, sciences and industry. The city is known as the 'City of
Universities and is a key provider for services in rural areas. The
real estate market has only just started to develop and house
prices are lower than other major cities. Prices do vary
dramatically between the suburbs and the city
centre.
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