Ober-Haus: supply increases on Lithuanian real estate market

The Baltic Course
Danuta Pavilenene
January 6, 2009

Considerable sale of real estate in Lithuania is expected to continue in the first half of the year 2009. It will raise supply and the prices graph is likely to go down 5-10% on average.
This is the prospect of the market for 2009 made by Vytas Zabilius, CEO of the real estate services company Ober-Haus, writes ELTA.

“I hope that the first symptoms of the recovery of the real estate market will be recorded in the second half of 2009. This will happen in the signals of recovery are sent from other mature world markets: the U.S.A. and old EU member states.

Lithuania, differently from the neighboring Latvian and Estonia, felt the symptoms of the crisis together with Europe and this simplifies the situation of our country in solving the economy slump problems a bit,” Zabilius claims.

Ober-Haus head underlines that the highest responsibility burden goes to the Lithuanian authorities: “If the state succeeds in softening or at least stabilizing people”s expectations, investment processes in the real estate market will appear. People are scared, therefore it is highly difficult to speak about purchase of real estate, cars, etc. today.”