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  • “EIKA”: better conditions for buyers as new apartments increase in Vilnius

    The real estate development company “EIKA Development” calculates that the sales of new-build apartments in Vilnius remained stable in May, while the supply continued to grow. It is noted that new projects offered by property developers in the luxury segment are rapidly increasing the sales of prestigious class apartments.

    According to “EIKA”, in May 2024, 6 new real estate projects or project phases with 480 new apartments were added to the housing market in Vilnius. Currently, there are about 4360 vacant apartments in various stages of construction.

    Apartment sales were also growing: 165 apartments were sold in Vilnius in May 2023 and 216 in May 2024, a growth of 31%.

    This May was notable for the activity in the prestige class. Last year in May only 5 apartments were sold in this segment, this year – 25. It is obvious that after a few years of scarcity, the prestige class projects, which will be added to the market in 2024, are attracting buyers’ attention.

    The sales of economy class apartments grew by 33%: 87 such apartments were sold in May 2024, compared to 66 in May 2023. Transactions in this segment take the longest time, as there are many economy class apartments built on the market and buyers take a while to choose their favourite and to get the best conditions from the sellers.

    The growth of sales in the middle class was 11% between May this year and May last year: in May 2023 there were 94 sales of such apartments and in May 2024 – 104.

    ‘The new housing market in Vilnius is maintaining stability as summer approaches, although moderate growth can be seen compared to last year. Another notable trend is the growing supply of apartments, which shows the positive attitude of property developers, which increases competition among sellers and at the same time allows buyers to get the best conditions to purchase their dream home,’ said Tomas Žiaugra, Development Director of “EIKA Development”.