According to Judita Gedutienė, Commercial Director of “Omberg Group,” such statistics indicate that the market is moving into a selection phase: the growing supply increasingly distinguishes stronger projects from those that may find it harder to justify their pricing.
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“A buyer with more alternatives compares location, project stage, price and quality ratio, infrastructure, and developer reliability more strictly. The market selection phase begins: weaker projects that do not meet buyer expectations may accumulate inventory, while the strongest maintain sales and prices even as competition increases,” says J. Gedutienė.
The most significant supply jump in May was recorded in Vilnius, with 8 new projects or their stages added to the market, offering a total of 1136 apartments; the total inventory reached 5993, which was 20.3% higher than in April.
In May, 440 apartments were sold in Vilnius, 14% less than in April, when 514 apartments were sold.
According to J. Gedutienė, this is the result of a sudden supply increase: growing caution meant buyers could not absorb the amount of new apartments offered over the past 2 months.
Despite such apartment inventory, prices in Vilnius rose in all segments. The price of economy-class apartments in May was 3381 EUR per sq. m, 0.3% higher than in April. The mid-range price grew by 2.4% to 4319 EUR per sq. m, and the premium class by 0.7% to 6832 EUR per sq. m.
The sales structure in the Vilnius market also changed in May. The share of economy class increased from 44% to 47%, mid-range decreased from 51% to 47%, and premium class grew from 4% to 6%.
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The most active Vilnius districts by sales in May were Šnipiškės, with 67 sales, Pašilaičiai with 55 sales, and Naujininkai (50 apartments).
A similar trend was observed in other major cities in May. In Kaunas, the apartment inventory was 1203, 11.2% higher than in April. The market was supplemented by 4 new projects offering 318 apartments.
In Kaunas, 77 apartments were sold this month. This would be about 21% less than in April (98 apartments). The price of economy-class apartments grew by 4.8% to 2921 EUR per sq. m. The mid-range price increased by 0.3% to 3497 EUR per sq. m, and the premium class by 0.6% to 4389 EUR per sq. m.
In Klaipėda, the apartment inventory in May was 695, 6.6% higher than in April. The market was supplemented by one new project with 59 apartments. 18 apartments were sold, about 10% less than in April.
In Klaipėda, the price of economy-class apartments in May was 2632 EUR per sq. m, 0.4% higher than in April. The mid-range price grew by 0.3% to 2891 EUR per sq. m, and the premium class by 2.4% to 5261 EUR per sq. m.
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