A representative survey of Baltic countries’ residents conducted by SEB bank showed that Southern Europe (Spain, Greece, Italy, etc.) is the undisputed leader among Lithuanians dreaming of housing abroad. When asked if they would consider purchasing real estate abroad if they had the opportunity, 40% of respondents in Lithuania indicated this region.
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18% of respondents would choose real estate in Western Europe, 8% in countries outside Europe, and only 5% of Lithuanian residents would consider investing in housing in other Baltic countries. 39% of study participants stated that they would not want to purchase real estate abroad at all.
Lithuanians surpass residents of other Baltic countries in their attraction to the warm European region. In Estonia, about 31% would think about real estate in Southern Europe if they had the financial means, while in Latvia – only 27% of residents.
“A decade ago, far fewer Lithuanian residents considered purchasing their own home in Southern Europe. Today we see that more and more people at least theoretically consider this possibility. This is influenced by growing financial well-being of the population, the possibility to work remotely, and much more convenient communication with Southern European countries,” comments Simonas Norbutas, Director of SEB Private Clients Financing Department.
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According to him, Southern Europe has long attracted Lithuanian residents as a holiday destination, but today we see that rising incomes and opportunities are also changing their long-term expectations. Therefore, it can be assumed that Lithuanians’ attitude towards a second home is becoming more similar to that of Western European residents, for whom a holiday home abroad has long been a common choice.
“Such Lithuanian activity is also driven not only by the desire to escape the Nordic winter but also by rational investment behavior – housing in foreign resorts is valued by some residents as a way to diversify assets or earn additional income from rent. However, desire alone is not enough – when planning to purchase housing abroad, it is important to assess not only the property price but also additional expenses, taxes, maintenance costs, and financing options,” says S. Norbutas.
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