The real estate market in Lithuania is stabilizing

The real estate market in Lithuania demonstrates the positive trend in prices on the background of an improving economic situation in the country. The cost of housing continues to fall, but the rate of decline is slowing, according to the portal ee24.ru.

Prices for apartments in the five largest Lithuanian cities - Vilnius, Kaunas, Klaipeda, Siauliai and Panevezys - fell by 0.9% (-2.3% adjusted for inflation) for the first half of 2013. This figure has improved compared to three quarters of consecutive decline of 1.6%, 1.7% and 1.7%. According to globalpropertyguide.com, on quarterly basis, property prices in Lithuania increased by 0.1% (down 0.2% when adjusted for inflation) in the second quarter of 2013.

In the nation's capital - Vilnius - apartment prices rose by 0.2% to € 1,198 per square meter in the second quarter of 2013 compared to the same period in 2012. However, adjusted for inflation, apartment prices fell by 1%.

City	Primary housing prices	Secondary housing prices
Vilnius	€1,198 per sq.m.
Kaunas	€1,050 per sq.m.	€700 per sq.m.
Klaipeda	€1,100 per sq.m.	€800 per sq.m.
Siauliai	€750 per sq.m.	€500 per sq.m.
Panevezys	€800 per sq.m.	€450 per sq.m.

The pace of construction rose in the first quarter of 2013 by 15.2% compared to the same period last year. Sales of detached homes increased by 3% in the second quarter of 2013 compared to the same period last year.

In March 2013 unemployment rate was 12.4%. In Vilnius, the rate was 9% in Klaipeda - 9.3%, in Siauliai - 9.4%.

During the first three quarters of 2012 the fiscal deficit declined to 2.8% of GDP compared to 3.3% of GDP a year earlier. The rate of inflation fell to 1.2% in June 2013, that is the lowest level in the last three years.