The analysts of UAB “Hanner” estimated that in total, during the first half of this year, real estate developers sold 680 “premium” segment apartments in the capital city with a price exceeding 2000 euros per square meter. Compared to the same period of the previous year, this represents an increase of 250%.
Because the sales of cheaper apartments grew slower, the strongly increased clients’ interest in “premium” class apartments boosted this market segment by 8%, which constitutes up to 24% of all apartments sold, according to a press release.
“More and more people with a higher level of income seek a better quality of life; they want to live closer to the city centre, which can offer them more entertainment and opportunities for an active cultural life. This tendency is also backed up by the general apartment affordability index increase because the income of the population grows faster than the prices of apartments. It is no wonder that luxury apartments equipped with numerous modern solutions become more and more popular”, said Mr Arvydas Avulis, Chairman of the Board of UAB “Hanner”.
The sales of other apartments of the economic class also grew rapidly but did not reach the level of growth of the “premium” category. The sales of the higher segment apartments, the price of which is between 1700-2000 euros per square meter, grew by 75% during half a year compared to the same period of the previous year totalling 837 units.
The statistics of the lower segment, whose prices vary between 1400-1700 euros per square meter, grew by 68% with a total of 667 sold apartments. The lowest growth during the first six months of this year was in the economic class segment, which includes apartments of up to 1400 euros. The growth reached only 25% with a total of 688 sold apartments.
Because the sales volumes of new apartments increased by 70% compared to the same period of the previous year, the economic class apartments sales in the market decreased by 9% down to the share of 24% from the total number of all apartments sold.
“Even in the last year, the sales volumes of new economy class apartments were two times bigger than the “Premium” class apartments sales, and today the sales volumes of these two segments are very similar. The buyers are looking for a higher quality of life and this can be observed not only in formal statistics. The sales of fully furnished apartments grow thanks to the buyers who value their time, and do not intend to get involved in apartment finishing works and want to buy fully furnished apartments”, noticed Mr. A. Avulis.
In the “premium“ segment, UAB “Hanner” develops two low-rise real estate projects – “Renesanso” in the Old City, and “Pilies Apartamentai” near the Bridge of Mindaugas. In this project, the company made even one more step by inviting the well-known interior designers of Lithuania and asking them to create designs for several apartments of this project. These fully furnished apartments became very popular among the buyers and part of them has already been sold.
This project is also unique thanks to its improved noise insulation, spacious staircases, and installation of modern technologies such as remote-controlled floor heating, private territory guarded by security cameras, smart territory entry solutions, according to the press release.
