Russians will be banned from buying real estate in Lithuania? Experts believe that such a possibility exists 2022

Russians will be banned from buying real estate in Lithuania? Experts believe that such a possibility exists

Over the past 5 years, Russians and Belarusians bought a significant amount of real estate in Lithuania: they own 12,000 objects (half of them — apartments). But compared to other years, 2022 seems to set a record for the number of deals.

A bit of statistics

In the first half of this year alone, Russian citizens purchased 520 properties (including 184 apartments or apartment buildings) in Lithuania. For comparison, in 2021, Russians bought more than 1,000 objects in Lithuania, in 2020 — 800, in 2019 — 646. The most popular are the country’s major cities: Vilnius, Visaginas and Klaipeda.

As for Belarusians, in the first half of this year, they bought 240 properties in Lithuania (88 apartments or houses). In previous years, the statistics was as follows: 2021 — 500 properties, 2020 — 400, 2019 — 285. Among the buyers are large companies: for example, Wargaming in 2021 bought 76 apartments in Vilnius.

Experts’ opinions on this trend are divided. For example, the chairman of the National Security and Defense Committee of the Seimas (KNBO) Laurynas Kasciunas believes that some eastern neighbors buy real estate in Lithuania in an attempt to withdraw money from Russia. He also insists on a ban on the purchase of real estate by Russians: if there is no single European solution to this problem, he said, it is worth thinking about a regional decision.

The Lithuanian political scientist and lecturer Vytis Jurkonis believes that only those who cooperate with the regime should be restricted in buying real estate. He is convinced that most of the eastern neighbors buy housing in Lithuania, because the situation with human rights and doing business in these countries is not improving.

What will happen if the Russians are banned from buying real estate in Lithuania? 

Mindaugas Statulevicius, president of the Lithuanian Real Estate Development Association, says that the local market will not feel the departure of the Russians, if they are forbidden to buy housing in the country. According to him, the high demand of Ukrainian and Belarusian companies to buy real estate in Lithuania will compensate and even exceed the demand from Russian citizens.

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