In mid-2026, the Mažeikiai real estate market is different from a few years ago. After a period of rapid price growth, followed by more cautious buyer behavior, the market has become more balanced. Buyers today analyze more, and the price of housing is determined not only by its area or address. The condition of the building, energy efficiency, quality of repairs, and the actual condition of the object are becoming increasingly important.
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The property appraiser emphasizes that it is important to distinguish between three concepts: asking price, selling price, and market value. „The asking price is the amount requested by the seller, the selling price is the amount agreed upon between the seller and the buyer. Market value is determined by analyzing transactions that meet market conditions and evaluating the specific characteristics of the object. Banks provide loans based on the determined value. Value and price, especially the asking price, do not necessarily coincide. In an active market dynamic, the difference can be very significant“, says G.Girčienė. In practice, appraisers often encounter situations where owners’ expectations significantly diverge from the market value.
Price in advertisements is not property value
One of the most common situations encountered by property appraisers is people trying to determine the value of housing based on online advertisements. The price seen in advertisements is usually the seller’s expectation, not the result of a completed transaction.
„When appraising real estate, it is most important to rely on facts. Transactions of similar objects, market changes, and the characteristics of the specific property are analyzed. There is no need to judge the market from a single advertisement, as excessively high price expectations will make it difficult to find a buyer.“, emphasizes G.Girčienė.
How much do apartments cost in Mažeikiai today, and what is their value?
Observing transactions in the Mažeikiai housing market, it is evident that economical two and three-room apartments maintain the highest demand. The price per square meter for apartments in older multi-apartment buildings usually ranges from approximately 1,000–1,250 euros per square meter. In better condition, renovated buildings, or qualitatively updated apartments, the price can reach approximately 1,400–1,600 euros per square meter.
In practice, this means that a standard two-room apartment in Mažeikiai today is usually valued in the range of approximately 50–60 thousand euros. If the apartment is in a renovated building, modernly furnished, with a convenient layout, and in a good location, its value can approach 65–80 thousand euros.
The value of three-room apartments is approximately 65–90 thousand euros. Higher prices can be expected for homes that stand out with good condition, low maintenance costs, and an attractive location.
In the one-room apartment segment, the value usually starts from approximately 30–40 thousand euros and depends on the area, condition, and the situation of the building.
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However, according to the appraiser, the product of the average price and area can indicate the market value range, but not the exact market value. „An appraiser cannot determine value solely by the formula „area multiplied by average price“. Two apartments of the same area can have different values because their condition, furnishings, floor, technical condition of the building, environment, and other factors differ. Moreover, the market situation also differs“, explains G.Girčienė.
Why is one apartment worth more than another?
An apartment in a renovated building is often worth more than a similar dwelling in an unrenovated building. The value can differ by 10–20 percent, as buyers appreciate lower heating costs, a tidier environment, and a longer building lifespan.
The quality of apartment furnishing also remains important. However, the specialist notes that the invested amount does not always directly translate into an increase in property value. „If a person invested 30 thousand euros in repairs, it does not automatically mean that the value of the home increased by the same amount. The market values not the money spent, but the achieved result“, says the „Inreal“ property appraiser.
Differences are even greater in the housing market
In the individual housing segment, price differences in Mažeikiai are even more pronounced. Older built homes are usually valued at approximately 110–160 thousand euros, but the selling price is very strongly influenced by the plot, location, building condition, communications, and negotiations.
Newer built or energy-efficient homes are usually valued from 180 thousand euros, and the value of well-furnished homes in attractive locations can exceed 250 thousand euros.
The property appraiser notes that in the appraisal of individual homes, not only the building itself but also the environment is particularly important. „The value of a house consists of many parts – the land plot, communications, year of construction, structures, energy efficiency, distance to urban infrastructure. Therefore, two houses of similar area can have very different market values“, says G.Girčienė.
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