Vilnius real estate market shows cottage surplus

October data for the primary housing market in Lithuania indicates structural shifts in major cities. In Vilnius, a significant surplus of cottages has emerged. Based on average demand from the last six months, it is estimated that it would take nearly 32 months, or almost three years, to sell current cottage inventories.

In the capital, developers agreed on the sale of 470 residential units in October, representing a 19.8 percent decrease compared to the previous year. While the total number of available homes rose to 6,543, the average price per square meter saw a slight monthly decrease of 0.3 percent, settling at 4,151 euros.

Other regional trends show that property prices in Kaunas and Klaipėda are increasing nearly twice as fast as in Vilnius. Analysts suggest that the slight price dip in the capital is due to developers using flexible pricing to finalize remaining units in certain projects rather than a trend of mass discounts.