In the first quarter of 2024, the real estate development company Eika had the strongest growth in the market of new apartment sales and took a record market share of 12%. The most successful projects in the entire Vilnius market in terms of sales were Mėlyni vilkai and Metų laikai developed by Eika.
Tomas Žiaugra, Development Director of Eika Development, notes that this year has started much more active than the previous ones in the new housing market.
‘We can already count the first results and see that we have more than doubled our market share from 5.6% of the market in terms of sales of new apartments in the first quarter of 2023 to 12% in the same period this year, so we have grown faster than the market,‘ he comments.
According to Eika analysts, Rinvest (8.3%) was in second place in the first quarter of 2024, followed by Merko (7.8%), Orner (7.8%), Omberg (7.8%) and Hanner (7.5%).
Eika is also the leader in terms of supply – it currently offers 378 apartments, followed by Hanner in second place with 368, Rinvest, Lithome and Kaita Group.
‘With the largest supply of apartments, we can offer the largest variety to suit different buyers’ needs. Although in the first quarter of the year the most active buyers were in the economic segment, where the number of buyers grew by 40%, our projects attracted the most interest in the middle class segment, because we have the largest number of already built apartments there, ‘ comments T. Žiaugra.
In terms of individual projects, the most successful projects in the middle class in terms of sales during this period were Mėlyni vilkai and Metų laikai, both of which are managed by Eika Development company.
‘Last year, although the demand for new housing was stable, but the market was only operating at half capacity, we knew that this was only a temporary part of the cycle and it was necessary to prepare for the time when the market starts to recover. At the end of 2023, we offered two new projects to the market to be the first choice for those buyers who had looked around last year, carefully evaluated all the options and knew that delaying the decision to buy a home any longer and that waiting for a reduction in interest rates would not be worth it. Now we can see that this tactic has paid off – we have started this year with a leap to the first place in terms of sales among all real estate developers‘, – says T. Žiaugra.