Real Estate Company Ober-Haus stated this August that apartment prices in the biggest Lithuanian cities have continued to drop. Compared to August 2011, prices have fallen by 1.3 per cent over the year, whereas in July the annual price drop was at 1 per cent, delfi.lt reported on 10 September.
Ober-Haus operates the Lithuania flat price index (OHBI), recording price changes in the five largest Lithuania cities of Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys, where overall prices fell this August by 0.1%. In June and July the same decrease was apparent.
Compared to the 2011 results, this year saw an increase in the number of deals signed during the period of June-August. Apartment deals had increased by almost 6 per cent and in August prices had risen by 12 per cent.
Saulius Vagonis, Manager of the Department of Assessment and Market Research, says: “These are surprising and quite unusual statistics, knowing that in summer the market usually calms down. It is obvious that the dominant level of prices this year (and basically unchanged for several years now) is really attractive and acceptable for a buyer. Probably, that is what influences the activity”.
Assessing the yearly data, in all major Lithuanian cities during the last 12 months the price changes remain negative, amounting to 1.2% in Vilnius, 1.3% in Kaunas, 0.9% in Klaipėda, 4% in Šiauliai and 0.8% in Panevėžys.
Translated by Aistė Saulytė
Edited by Rick Whateley