The settlement, which is being developed next to lake Gilužis, features new three-storey buildings. The company has invested 6 million euro into the project’s development. The A+ energy efficiency class apartments range from 1.5 to 3 rooms and 29-67 square metres in size. The total investment for the entire project reaches 15.5 million euro. This is the only community located near a lake in the city of Vilnius.
Pilaitė – one of the most successfully growing districts in the capital
Jurgita Kveselaitė, executive director at HOMA, notes that the sales success is related not only to the project’s unique nature but also to the growing popularity and value of the Pilaitė district. The previous three stages of the Gilužio Rivjera project were successfully sold out within a year and a half.
“Based on our data, during January and February this year, sales in Pilaitė have been the highest we have seen over the past few years. In the past, it was held to be an economy housing district, but today, Pilaitė is confidently entering the middle-class housing market. Residents value this district’s added values: proximity to nature and urban advantages,” J. Kveselaitė notes.
According to the expert, a few years ago, developers would only build economy class housing in Pilaitė, with pricing reaching around 1,500-1,700 euro per square metre. Today, real estate companies are confident in the district’s growth potential and are developing far more valuable projects aimed at the middle class, which come at prices of 2,000 euro per square metre and above.
Competition between developers helps customers
Real estate analyst and founder of the real estate analysis platform CityNow, Vilius Visockas, observes that Pilaitė currently has among the most diverse projects in the capital. Residents seeking a new home can choose between fourteen new projects currently in development.
“The vast competition in the district is definitely reducing the likelihood of baseless price increases. We see that in this part of the city, diverse sets of buyers are looking for a home: families and those looking for their first home, who are more interested in more economical options and also the higher, middle-class buyer segment. Furthermore, this region has a significant number of projects whose construction works are nearing completion. This is also becoming an important criterion in choosing an apartment,” V. Visockas explained.
Another advantage to the district is a planned modern educational institution in the area. “The upcoming Tolminkiemis Gymnasium is an especially valuable gathering place for families. It is to be four stories high, reaching 12,000 square metres in area, being adapted to 1,000 students’ needs – this school should raise the bar not only for Vilnius’ educational institutions but also those across Lithuania” V. Visockas points out.
Pandemic unveiled Pilaitė’s advantages
V. Visockas observes that around five years ago, the district of Pilaitė was popular in terms of its bungalow offerings. Today, the spectrum of choice in the district is far larger, there is a wide variety of apartment, bungalow and house projects available. Also, there is a spectrum of price offerings –economy class homes and middle-class low-rise construction projects near recreational areas.
According to him, perhaps only Šnipiškės can compete in terms of new home supply in the capital. “Several years ago, we began to observe increased interest among city residents to move into smaller homes, but closer to the city centre. During the quarantine, we observed a type of revival for Pilaitė: life in a more spacious apartment has superseded living closer to the centre in terms of priorities. People have discovered the advantages of this district’s nature and the variety of homes offered with some of the best price tags in the capital,” the analyst observes.
