Lithuanian real estate prices highest in the region
04.03.2010, 08:59Lithuanian residential real-estate prices in Vilnius are between 15 percent and 20 percent higher compared with other capitals in the Baltic region, real-estate broker Ober-Haus Real Estate Advisors said.
Bloomberg quoted the market review of Ober-Haus saying that Lithuanian real-estate prices fell 31 percent last year and 39 percent from a peak in December 2007. Prices in neighboring Latvia tumbled 61 percent from the peak in April 2007, while Estonian prices declined 53 percent in the same period.
Baltic real-estate prices fell in the last two years from a peak in 2007. The adjustment of the real-estate market was also exacerbated by the coinciding global financial crisis, adding to price declines.
Estonian residential property prices rose 7 percent in the fourth quarter from the previous three months, while prices in Riga increased 5 percent, said Saulius Vagonis, a real-estate analyst with Ober-Haus. Lithuania extended price declines in the fourth quarter with a 4 percent drop, he said.