Lithuania’s PM forecasts apartment renovation boom in 2014

VILNIUS - Prime Minister Algirdas Butkevicius promises that the first apartment will be renovated according to the new model in July, whereas he forecasts renovation boom in the second half of 2014.

Today, in an interview with the national radio, the PM said that new block apartment renovation model will differ from the current ones because residents will not have to go to commercial banks to take loans, because a separate company responsible for the housing renovation will take loans.

"Only after renovation a person will receive the bill which will inform how much a person has to pay for the consumed heat energy and also the amount of money to cover the investment," said the PM. Butkevicius says that after the renovation total amount will be 10-20 percent lower.

Reportedly, this would encourage people to renovate houses. Residents will have to repay for housing renovation in 5-7 years.