In 2024, annual apartment price growth was 3.6%, average annual growth – 2.9%
The Ober-Haus Lithuanian apartment price index (OHBI), which follows changes in apartment sale prices in the five biggest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) increased by 0.5% in December 2024. The annual apartment price growth in the biggest cities of Lithuania was 3.6%. The average annual apartment price growth in 2024 (January – December 2024 compared to January – December 2023) reached 2.9%.
In December 2024 apartment prices in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys increased by 0.6%, 0.7%, 0.1%, 0.5%, and 0.4%, respectively, with the average price per square meter reaching EUR 2,646 (+14 EUR/sqm), EUR 1,819 (+12 EUR/sqm), EUR 1,719 (+2 EUR/sqm), EUR 1,147 (+7 EUR/sqm), and EUR 1,123 (+4 EUR/sqm).
In the past 12 months, the prices of apartments increased in all the biggest cities in the country: 2.8% in Vilnius, 4.8% in Kaunas, 4.8% in Klaipėda, 4.4% in Šiauliai and 3.9% in Panevėžys.
“In 2024, the country’s housing market was characterised by a volatile mood. A decline in market activity was recorded until the middle of the year, before recovering in the second half of the year. However, the total number of registered transactions in the country in 2024 remained almost the same as in 2023. Meanwhile, sales prices of apartments have been slowly moving upwards, increasing by 3.6% over the year in the country’s major cities, i.e. slightly faster than in 2023 (1.7%).
However, the average annual price change in 2024 was one of the lowest in the last decade, at 2.9%. In 2024, the average annual change slowed down considerably compared to the previous year, as in 2023, the sales prices of apartments have largely stopped rising and a high comparative base has been formed. In 2024, the trajectory of sales prices of apartments again broadly followed the general inflation trend, although house prices still rose slightly faster than the prices of other consumer goods and services in the country.
In 2024, the biggest changes were recorded in the primary market of metropolitan apartments. Compared to 2023, Vilnius, Kaunas and Klaipėda saw a 40% increase in the number of flats sold on the primary market. In 2024, the rapid growth of new-build apartment sales volumes in the primary market was driven by the extremely low activity rates in 2023 and returning buyers to this market. Also in 2024, new-build apartments appreciated at twice the rate of older construction. On average, new-build flats in the country’s major cities increased in price by 5.4%, while older flats increased in price by 2.3%.
In the second half of 2024, the general mood on the housing market improved, as positive news dominated the public space: a consistent decline in interest rates on loans, a recovering housing sales market, rising real personal income levels due to falling inflation and positive prospects for the overall development of the country’s economy. This has encouraged potential homebuyers to become more active in their purchasing decisions, and it seems that the positive trends in the housing market will continue in 2025.
This year is likely to see a rapid increase in housing market activity. With the number of housing purchases in the first half of 2024 having fallen to the lows of the last decade, the low comparative base provides the conditions for strong relative growth. At the same time, house prices, which have reached record highs, remain the biggest challenge for potential homebuyers even in a falling interest rate environment. Therefore, the pace of house price growth in 2025 will also depend to a large extent on the growth of real incomes of the population, especially of the middle class – who are the most important players in the housing market and largely shape the overall level of house prices in the country,” says Raimondas Reginis, Ober-Haus Research Manager for the Baltics.
Full review (PDF): Lithuanian Apartment Price Index, December 2024
Latest news
All news
Housing market has woken up, but no faster price growth yet
The Ober-Haus Lithuanian apartment price index (OHBI), which follows changes in apartment sale prices in the five biggest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys) increased by 0.4% in February 2025. The annual apartment price growth in the biggest cities of Lithuania was 4.1% (a 4.0% increase was recorded in January 2025). In February 2025 apartment prices in Vilnius, Kaunas, Klaipėda, Šiauliai and Panevėžys increased by 0.3%, 0.1%, 0.8%, 0.8% and 0.9%, respectively, with the average price per square meter reaching EUR 2,670 (+7 EUR/sqm), EUR 1,822 (+2 EUR/sqm), EUR 1,754 (+13 EUR/sqm), EUR 1,168 (+10 EUR/sqm) and EUR 1,147 (+10 EUR/sqm). In the past 12 months, the prices of apartments increased in all the biggest cities in the country: 3.2% in Vilnius, 4.1% in Kaunas, 6.2% in Klaipėda, 6.6% in Šiauliai and 6.7% in Panevėžys. ‘As predicted, a rapid annual growth in the number of housing transactions is recorded at the beginning of 2025. According to the data of the State Enterprise Centre of Registers, 40% more apartments were purchased in the country in January this year and 39% more in February this year than in the same month in 2024. It should be noted that in the…
In 2024, Lithuanian investment transactions market slumped by 43%
The general sentiment in the Lithuanian commercial property market in 2024 is well reflected in the volume of investments, which has declined to the levels last seen in 2014. According to the data of Ober-Haus, in 2024, the value of modern cash-flow commercial property (modern office, retail and industrial objects with the value of at least EUR 1.5 million) acquired amounted to EUR 230 million. This means that the annual volume of investments declined by 43% compared to 2023 or 2022. ‘In 2024, only small and medium-sized transactions were recorded in Lithuania, whereas there had been no acquisitions of larger transactions at all. For the first time after a lengthy period, the value of the largest deal did not exceed EUR 30 million‘, said Raimondas Reginis, head of market research for the Baltics at Ober-Haus. According to Ober-Haus, deals up to EUR 10 million in value represented 40% of total investments in Lithuania, whereas deals valued at EUR 10–30 million – the rest (60%). Retail properties attracted the largest share of investments, with investors primarily focusing on supermarkets The largest portion of investments befell to retail properties with EUR 134 million or 58% of all investments in commercial property in Lithuania spent for acquisitions.…
Ober-Haus completes the sale of “Beržų namai” project
A. Juozapavičiaus Street, Kaunas, the last apartment in the project "Beržų namai" was sold, the concept of which was developed and successfully realised by Ober-Haus. All the apartments have already been occupied, and the completion of the project has become a significant event in the rapidly modernising Žemieji Šančiai district. Two apartment buildings have been designed on a plot of almost 0.43 hectares, with 72 two- to three-room apartments of 45-63 square metres. The project includes 41 underground and 32 above-ground parking spaces, bicycle storage and storage rooms, and a private courtyard. "From the very beginning of the sale, we have felt great interest from buyers - the reason for this is both its exceptional location and the lack of quality housing in Kaunas," says Svajūnas Šarauskas, Manager of the Kaunas office of Ober-Haus. The houses were built in the growing and rapidly changing Žemieji Šančiai district, in a quiet and green part of A. Juozapavičiaus Avenue. "Beržų namai has contributed to the development of the area by landscaping the environment, greening and fencing the yard, and installing a children's playground. "Beržų namai has not only added to the landscape of the modernising district, but has also encouraged the…
All news