Property prices flying across Lithuania

  • 2005-10-19
  • From wire reports
VILNIUS - Apartment prices in Lithuania rose 7.7 percent on average in the third quarter of this year compared with the previous quarter. The biggest rises occurred in Siauliai (13 percent), Vilnius (12.5 percent) and Druskininkai (10 percent), according to data on a real estate Web site.

Apartment prices in Kaunas and Klaipeda rose at slightly lower rates, 6.9 percent and 5 percent, respectively, while the slowest increase was 1.9 percent in Panevezys.

In Vilnius, the highest rise in prices was on apartments in the downtown area or prestigious neighborhoods. The average price for an apartment built before 1996 is 3,820 litas (1,107 euros) per square meter, compared with 3,060 litas in Klaipeda and 2,700 in Druskininkai.

Apartment prices are currently rising three times faster than average wages, according to the report.