By Grėtė Ubartaitė, LRT.lt.
Housing prices in Lithuania have surged 202% since 2010, one of the steepest increases in the European Union, according to new Eurostat data. Only Estonia and Hungary recorded faster growth.
Experts say the dramatic rise reflects a mix of post-crisis recovery, euro adoption, stricter construction standards, and rising demand amid limited supply.
Mindaugas Statulevičius, president of the Lithuanian Real Estate Development Association (LNTPA), said the sharp growth is partly due to the low starting base in 2010, when the country was still recovering from the 2008 global financial crisis.
“We were just emerging from the crisis, few projects were being developed, and buyers’ confidence was low,” Statulevičius said. “Developers had to keep prices low just to sell what had already been built.”
The introduction of the euro in 2015 also played a role, he said. Converting litas to euros led to “rounded-up” prices and boosted investor confidence, attracting more foreign capital. This, in turn, lifted wages and purchasing power.
Read more: LRT.LT
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