Apartment prices to rise in Lithuania
The Ober-Haus Lithuanian apartment price index (OHBI) shows a positive change in apartment prices in major Lithuanian cities for the first time since December 2007. The value of the index, which shows changes in apartment prices in the five major Lithuanian cities (Vilnius, Kaunas, KlaipÄ—da, Šiauliai, and Panevėžys), for June of this year, increased 0.4% (in May 2010, a decrease of 0.2% was recorded).
The change in the index for June was mostly determined by an increase in apartment prices in Vilnius and Šiauliai—prices grew 1.0% and 2.0% respectively. However, the increase in apartment prices in these cities was recorded in the cheapest segment of the market, i.e. one-room and two-room old and new apartments located in residential districts. The prices of larger apartments or those located in the city centre remained unchanged.
In June, apartment prices in Kaunas and Klaipėda dropped by 0.7%, while no changes were recorded in Panevėžys.