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The supply and demand for real estate is growing in Lithuania‘s largest cities with the movement of people from rural areas to cities increasing, drawn by higher wages.
Growing demand to drive up housing prices in Lithuania’s cities
© DELFI / Tomas Vinickas

“The numbers of real estate transactions and housing affordability in Vilnius is increasing because there is a strong internal migration from the regions to the city and wages are growing in that group of the population which is the most active – people aged 25-39. This is a new generation which finds jobs and gets good salaries,” said Žygimantas Mauricas, the head of the Baltic State research at Nordea.

Real estate experts say that this year the prices for apartments will grow along with their availability.

Saulius Vagonis, evaluation and market research department manager at Ober-Haus, said that “The new supply is a good stop, because there is a choice of what to buy. In this case, the prices can not be as easily dictated as if it would be possible with a weaker supply. This year, the market will be more active on the supply side, but the growth of the economy will lead to the fact that prices will go up slightly.”

Economists claimed that emigration had little effect on the real estate market because people who emigrated from Lithuania mainly are those with lower incomes and thus would not be buying real estate in Lithuania anyway.

LRT

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