Authored by the expert who managed and guided the team behind the Lithuania Property Pack
Yes, the analysis of Vilnius' property market is included in our pack
What do the latest numbers reveal about Vilnius’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Vilnius, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Property transactions in Vilnius rose by 8% in 2024 compared to the previous year
In 2024, property transactions in Vilnius jumped by 8% compared to the previous year.
On average, 282 property deals were closed each month in 2024, up from 225 in 2023. This uptick shows a growing buzz in Vilnius's real estate scene. In October alone, 386 new apartments and terraced houses found buyers, marking a significant leap from past years.
The economic housing segment saw a boost, with its market share climbing to 63% in October 2024. This indicates that more affordable homes were on the market, drawing in a larger pool of buyers and pushing up transaction numbers.
2) Co-living spaces in Vilnius grew by 18% in 2024
In 2024, Vilnius saw an 18% rise in co-living spaces.
One major factor was the opening of Solo Society City House Vilnius in September 2023. This massive project, costing EUR 17 million, added 269 rooms to the city's housing options, significantly boosting the co-living scene.
The real estate market in Vilnius is bouncing back, with more transactions happening, especially in the economic segment. This indicates a growing demand for flexible and affordable housing, making co-living spaces an attractive option for many.
New housing developments are also on the rise. In October 2024 alone, 386 new apartments and terraced houses were agreed for sale. This surge in new projects likely includes co-living spaces, contributing to the overall growth.
Sources: EIKA Group, Citus Analysts
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Lithuania. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
3) New homes in Vilnius now have an average energy efficiency rating of B+
In Vilnius, new homes now boast an average energy efficiency rating of B+.
Over the years, energy efficiency in Vilnius apartments has steadily improved. By 2023, more than half of the new apartments, specifically 56.9%, were constructed in A+ energy performance class buildings. This shift highlights a growing trend towards more energy-efficient construction.
The Lithuanian government is playing a crucial role in this transformation. They've launched initiatives to renovate older multi-apartment buildings and promote the building of energy-efficient homes. These efforts aim to cut down on energy use and reduce greenhouse gas emissions, which in turn boosts the energy efficiency ratings of new homes.
Looking to the future, the market is expected to be dominated by A++ energy performance class apartment buildings by 2025. This indicates a strong and ongoing commitment to maintaining high energy efficiency standards in the housing sector.
Sources: Ober-Haus, OECD, EuropaWire
4) A two-bedroom apartment in Vilnius currently costs an average of €180,000
In Vilnius, the average cost of a two-bedroom apartment is currently €180,000.
By October 2024, renting a two-bedroom apartment in Vilnius cost around €892 per month. This figure highlights the city's housing market dynamics, reflecting both demand and the cost of living.
Looking ahead to 2025, property prices in Vilnius are expected to rise by 3% to 7% compared to 2024. This increase is largely due to high demand and limited supply, typical factors that drive up real estate prices.
Neighborhood trends also influence the market. For example, the Naujamiestis district is likely to see price hikes due to gentrification and new transport links. Such developments boost the area's appeal, often leading to higher property values.
These changes in Vilnius's real estate market are part of a broader trend, where urban development and infrastructure improvements play a crucial role in shaping property values. Buyers should consider these factors when investing.
Understanding these dynamics can help potential buyers make informed decisions, especially in areas experiencing rapid growth and transformation.
Sources: Rentberry, Micenter, Global Property Guide
5) The average monthly utility cost for an apartment in Vilnius is now €150
The average monthly utility cost for an apartment in Vilnius is now €150.
Back in 2023 and 2024, utility costs for an 85m² apartment in Vilnius ranged from €133.57 to €283.33 per month. This included essentials like electricity, heating, cooling, water, and garbage collection. So, if you're considering moving to Vilnius, it's good to know that the current average is on the lower side of this range.
One source from the past noted that basic utilities for an apartment in Vilnius were about €193 per month. This means that the current average of €150 is quite favorable, especially if you're looking to save on monthly expenses.
These figures give you a snapshot of what to expect in terms of utility costs in Vilnius. The €150 average is a useful benchmark, especially when compared to the higher end of past reports. It's a relief for anyone budgeting for a move to the city.
Understanding these costs is crucial for planning your finances. With the average now at €150, you can allocate your budget more effectively, knowing that you're likely to spend less than the higher past averages.
So, if you're eyeing a property in Vilnius, this €150 average is a key figure to keep in mind. It reflects a more affordable side of living in the city, making it an attractive option for potential buyers.
Sources: Numbeo Cost of Living in Lithuania, Numbeo Cost of Living in Vilnius, Leap Scholar Cost of Living in Lithuania
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6) Green-certified buildings in Vilnius increased by 12% in 2024
In 2024, Vilnius saw a 12% rise in green-certified buildings.
This surge is part of a broader trend that began in 2023, with Lithuania leading the Baltic region in green building certifications. Vilnius, as the capital, played a pivotal role in this achievement. The city's commitment to sustainability is evident in its business centers and commercial buildings, which have increasingly embraced eco-friendly practices.
The growing interest in sustainability among businesses has been a key driver. In particular, the BREEAM standard has gained popularity, alongside other certifications like LEED, WELL, and FITWEL. These standards are not just buzzwords; they represent a commitment to reducing environmental impact and improving building efficiency.
As more companies and developers in Vilnius recognize the benefits of green certifications, the city has become a hub for sustainable architecture. This shift is not just about meeting regulations; it's about creating healthier, more efficient spaces for people to live and work.
In 2024, the combination of these factors led to an environment where green certification became a priority for many new and existing buildings. The result was a noticeable increase in the number of certified structures, reflecting a city-wide commitment to sustainability.
Vilnius's progress in green building is a testament to the city's forward-thinking approach. By embracing these standards, the city is setting an example for others in the region, showing that sustainable development is both achievable and beneficial.
Sources: Constructive Voices, Made in Vilnius
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.