Lithuania posts 12% decline in H1 real estate transactions

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Lithuania’s real estate market has recorded growth for the second month in a row after hitting the bottom in the spring, but the number of transactions is still below the average levels seen before the coronavirus lockdown, the Center of Registers said LETA/BNS.

A total of 53,000 real estate purchase and sale transactions were registered in the first half of 2020, a decline of 12 % compared with the same period last year.

In June alone, the number of transactions dropped by 7% y-o-y, but rose by almost 11% compared with May.

“June was the first month to record a monthly increase in registered apartment sales across the country and in its major cities, but the rate of growth was still low,” Paulius Rudzkis, the acting head of the Data Opening Unit at the Center of Registers, said.

“Registered apartment transactions reached the bottom in May,” he added.

Nationwide, a total of almost 14,000 apartments changed owners in the first half, a decline of 18 % on the same time last year. In June alone, apartment sales totaled around 2,100 units – down 27% y-o-y, but up 14.5% m-o-m.

Some 5,100 single-family houses changed owners during the six months, down 6% y-o-y, including over 1,000 in June, up 2% y-o-y and up 21% m-o-m.

The total number of registered land transactions decreased by 10.5% in the first half from a year earlier. In June alone, just over 5,000 land parcels changed owners – down 1% y-o-y, but up 6% m-o-m.

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