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Euro introduction will drive real estate market in Lithuania, say experts

  • 2014-02-04
  • From wire reports, VILNIUS

The prices of real estate will not rise after the introduction of the euro in Lithuania next year, real estate experts say.

According to real estate specialists, general prices may increase, however, balanced supply and demand will prevent any unpleasant surprises, reports daily newspaper Lietuvos Zinios.

Saulius Vagonis, Manager of Valuation and Market Research Department at Ober-Haus said that the introduction of the euro in Lithuania would cause the economy to grow faster. If it happens, the level of prices will likely increase, however, the possible rate of increase is difficult to forecast. According to Vagonis, it is likely that prices in Vilnius may increase at least by 5 percent.

Lithuania is expected to join the eurozone in 2015. It would become the 19th country to do so. Latvia and Estonia have already joined the eurozone.

Arvydas Avulis, CEO of Hanner real estate company claims the Lithuanian market was active in January 2014, however, it had no impact on housing prices. They are influenced by supply to demand ratio and supply in the market is ample.