Lithuania stands out among the other Baltic countries due to its proximity to Poland, which makes it an important transport hub between the other Baltic countries and the EU. These transit revenues have a positive effect on the local economy, which is why prices in general do not grow as quickly, especially for housing. Local real estate for sale in Lithuania is relatively affordable for both citizens and foreign investors.
Advantages of buying property in Lithuania
The real estate market is rich in supply: real estate in Lithuania is sold both in coastal areas and inland, and finding a suitable property is quite easy. Prices are growing at a moderate pace, and you can buy property in Lithuania at more favorable prices than in the rest of Europe.
In recent years, there has been an increase in the number of migrants in the country, due to which the rental housing market in Lithuania is developing. Therefore, the presence of such a property can become a source of stable income for an investor.
In general, the country maintains a European standard of living. Large cities have well-developed infrastructure, and there are many prestigious educational institutions. Considering that it is quite easy for a foreigner to buy real estate in Lithuania, this is an excellent option for obtaining a residence permit in a country of the European Union.
Property prices in Lithuania
The most expensive property for sale in Lithuania is located in new buildings in the capital: the price per square meter there starts from €2000. Real estate by the sea, for example, in Klaipeda, will not be much cheaper - from €1800 per m2. The average cost of housing in Lithuania on the secondary market varies from €900-€1500 per m2. A country house will cost buyers €100,000.
You can buy real estate in Lithuania without intermediaries, but for a safe transaction it is better to use the services of a trusted agency or lawyer.
Features of purchasing housing in Lithuania
Each real estate market has its own characteristics, and the Lithuanian one is no exception. There is no tax on the purchase of real estate, but a fee for its maintenance is charged every year. It is 0.3-1% of the cost of housing. The exact rate depends on the decision of local authorities.
Since Lithuania is a member of the EU, there are no restrictions on the purchase of real estate for other EU members. For citizens of third countries, there are restrictions on the purchase of land near the border.
Local banks issue mortgages and loans to foreigners: all you need is a passport, a sales contract, and registration of the transaction in the Center of Registers. However, the exact conditions largely depend on the specific bank.
