“For some time now, the demand for high-class housing in Vilnius was above the available supply. So it comes as no surprise that this month, with the final construction stages launching in Paupys, buyers have become especially active, with more choices opening up, purchase decisions are also encouraged by the understanding that homes such as these are being rapidly bought out in the market, and that there might not be any more new projects of this scale in the Old Town,” says Darnu Group property management director Mantas Umbrasas.
Apartments sold in Paupys comprise 50 per cent of all high-class apartment sales in Vilnius in September.
In comparison, last September, 17 apartments were sold in Paupys. With the global COVID-19 pandemic gripping the world, Darnu Group decided against halting the construction works and throughout this period, the first three stages of Paupys were completed. One is now nearing completion, and two are under construction.
“We have observed that customers are increasingly paying attention to high-class real estate on the market. By investing in such a home, our clients hope to not only live comfortably in a strategically favourable location, or to rent it out for a profit, but also to earn in the future when the property value rises,” states M. Umbrasas.
The Darnu Group representative notes that investments in smaller, short term rent apartments have resumed following cessation of this during the pandemic.
“Most of those investing in Paupys plan to opt for long-term renting awaiting the resumption of the tourist flow,” M. Umbrasas says.
The expert is convinced that the project’s popularity is also due to its especially wide price scissors, which allow the purchase of varied types of apartments.
Work room becomes an increasingly frequent demand
“Not only is the demand for high-class homes on the rise, so are requirements for their size. For several months now, we have observed the following trends: while adapting to changed living conditions, customers increasingly often plan out separate work rooms. Work from home is gradually becoming less an exception and more of a normal aspect, which our clients include in their lists of requirements for the home,” M. Umbrasas says.
According to him, emigrants with higher incomes who are returning to Lithuania typically also seek larger homes.
“The pandemic has had a number of laudable consequences as well, for example, the increased number of Lithuanians choosing to return home. They are often interested in more spacious, more luxurious homes. Some clients begin their search and make a decision before even returning,” the Darnu Group representative says.
