How have real estate prices changed over the year in Lithuania? What happened to the sales of new buildings? And how much is Vilnius “more expensive” than Kaunas in terms of buying housing? The following are the key points from a press release issued by analysts at the company “Numai” in January 2023.

Thesis #1. New home sales fell by 70%, but prices rose by a quarter

In Vilnius, 121 apartments were sold in January; this regards the primary market. For comparison, in the first month of 2022, there were 395 apartments sold. For the year, sales of new buildings have fallen by 70%. However, although the number of homes sold has decreased, sales revenues have not fallen as much because housing prices are higher than they were a year ago.

In terms of prices, the average price of apartments with partial finishes in Vilnius in January was €3330 per “square.” For example, an apartment with a partial finish of 50 square meters costs an average of €166,500; the same apartment would have cost 24% less a year earlier. 

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Thesis #2. The prices of secondary housing in Vilnius and Kaunas are very different

In Vilnius' “secondary” market, an apartment with furniture in January 2023 costs on average €135,000, or €2,600 per square meter. In January last year, the price per square meter was 20% lower, with an average of €2,260 per square meter.

There is a remarkable difference between the cost of apartments in different Lithuanian cities. If you compare Vilnius with Kaunas, it appears that in Kaunas, apartments on the secondary market are 60% cheaper: the average price of a fully furnished apartment in Kaunas in January was about €78,000 (€1,570 per sq. m.).

In the rental market, the situation with the prices is as follows: in Vilnius, rent equals on average €520; in Kaunas, €400. The area of rented apartments is most often within the range of 46 sq.m.