An analysis of dwelling market in Vilnius Lithuania.

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Gintautas AMBRASAS (1) [email] and Danielius STANIKEVICIUS (2)

(1) Department of Construction Technology and Management, Vilnius Gediminas Technical University, Saul@tekio al. 11, LT-10223 Vilnius, Lithuania E-mail: gintasa@st.vgtu.lt

(2) Department of Construction Economics and Property Management, Vilnius Gediminas Technical University, Saul@tekio al. 11, LT-10223 Vilnius, Lithuania and Junesta Ltd, Laisves pr. 71-45, LT-07189, Vilnius, Lithuania E-mail: Danielius.Stankevicius@junesta.lt

SANTRAUKA

BUSTO RINKOS ANALIZE VILNIUJE

Gintautas AMBRASAS, Danielius STANKEVICIUS

Dabartine situacija nekilnojamojo turto rinkoje yra palanki nekilnojamojo turto imonems--nekilnojamojo turto rinkos dalyvems. Busto kainos Vilniuje yra gerokai zemesnes nei analogisko busto kainos senosiose Europos Sajungos salyse narese, o pastaraisiais metais kainu augimas--vienas sparciausiu lyginant su ES. 2003 m. kainu augimo bumas netgi buvo siejamas su istojimo i Europos Sajunga lukesciais. Augancios nekilnojamojo turto rinkos pajamos i didelis pelnas i nekilnojamojo turta rinka pritraukia vis daugiau nauju imoniu. Kad apsaugotu savo investicijas i nekilnojamgji turta, pirkejai turi atidziai rinktis investicinius projektus, ypatingq demesi skirdami projekto pletotoju kompetencijai. Autoriu atlikta sesiu pasirinktu imoniu, investuojanciu i Vilniaus nekilnojamojo turto rinka, lyginimas leidzia teigti, kad toli grazu ne visos analizuotos imones pajegios ivykdyti savo prisiimtus sutartinius isipareigojimus. Atskiri rodikliai tam tikra prasme gali byloti ir apie imones bankroto pavoju. Be objektyviu veiksniu, daranciu, itaka nekilnojamojo turto rinkai (tokiu kaip kreditavimo salygos, salies ekonomikos pletra, visuomenes gyvenimo budo standartai, migracija ir pan.), ivairus nepalankus veiksniai taip pat daro nemaza itaka kainu augimui rinkoje, todel autoriai analizuoja skirtingu busto segmentu kainu skirtumus Vilniaus nekilnojamojo turto rinkoje, ju kitimui darancius itaka veiksnius ir tendencijas.

Received 23 March 2007; accepted 2 July 2007 Table 1. Dwellings built in 1995-2006

1995 1996 1997 1998 1999 2000 2001 Dwellings 3368 3281 3173 2160 2580 2559 1987 Per 1000 1.5 1.6 1.6 1.2 1.2 1.3 1.1 inhabitants Useful floor 207 209 210 167 225.9 185.5 129.5 space of dwellings, thous. [m.sup.2] Average floor 62 64 66 77 87.6 72.5 65.2 space per dwelling, [m.sup.2]

2002 2003 2004 2005 2006 * Dwellings 2563 2535 3920 3250 4512 Per 1000 1.3 1.3 2 1.7 2.10 inhabitants Useful floor 182.3 179.7 256.4 651.6 770.80 space of dwellings, thous. [m.sup.2] Average floor 71.1 70.9 65.4 72.2 68.50 space per dwelling, [m.sup.2] * Unofficial Source: Statistics Lithuania (2007) Table 2. Single-family houses built in 1995-2006

1995 1996 1997 1998 1999 2000 2001 Houses 2232 2343 2389 1890 1674 1904 1798 Useful floor space 358 422 397 325 292.3 321.1 255.8 of houses, thous. [m.sup.2] Average floor 160 180 166 172 174.6 168.6 142.3 space per house, [m.sup.2]

2002 2003 2004 2005 2006 * Houses 1999 2093 2884 2683 7292 Useful floor space 277.8 311.7 442.0 416.8 462 of houses, thous. [m.sup.2] Average floor 139 148.9 153.0 155.4 166.2 space per house, [m.sup.2] * Unofficial Source: Statistics Lithuania (2007) Table 3. Advantages and disadvantages of living in a single-family house and in a dwelling

Living in a single-family house Transport Problems of transportation, higher transport

expenses than in the city. Infrastructure Usually, underdeveloped infrastructure: it is

difficult to get to entertainment and health care

institutions, shops, libraries, schools,

kindergartens, etc. which are far away. Air pollution Natural and healthy environment. Noise level Low. Safety Children can safely play in the court-yard

without supervision of grown-up family

members. Relations with Few neighbours, stresses, conflicts, etc. neighbours Maintenance costs Relatively high maintenance costs. of dwelling Looking after the More problems with keeping the territory clean territory and and taking care of plants (to some people it is plants an advantage). Psychological A sense of real home, private territory, space satisfaction and freedom; good conditions for being

creative.

Living in a dwelling in the city Transport Smaller transport expenses, available public

transport. Infrastructure Usually, highly developed infrastructure: it is

easy to get to the city centre, entertainment and

health care institutions, schools, kindergartens,

etc. which are not far away. Air pollution Unhealthy environment. Noise level High. Safety It is not safe to leave children alone to play in

the court-yard. Relations with The more neighbours, the higher estrangement; neighbours the larger house, the more difficult it is to

maintain order in it. Maintenance costs Lower maintenance costs. of dwelling Looking after the Less problems with keeping the territory clean territory and and taking care of plants, but additional expenses plants on country-cottages, gardens, garages, and going

out of town. Psychological No sense of real home, no aesthetical satisfaction. satisfaction Table 4. The income of real estate sector in Lithuania in the period of 1998-2005

Income, million Euro Type of business 1998 1999 2000 2001 2002 Real estate operations 156.40 199.40 207.50 306.90 356.50

Income, million Euro Type of business 2003 2004 2005 Real estate operations 359.50 418.00 616.1 Source: Statistics Lithuania (2007) Table 5. Assessing real estate market according to SWOT Strengths Weaknesses * The economic growth of the state * Inconsistent taxation policy of leads to the increase of real the state. estate. * No clear vision of urban * Banks credit dwelling purchasing development. on favourable conditions. * The law of territory planning * Rapid development of chains of in Lithuania is imperfect. building materials stores and * There is a lack of by-pass tough competition provide highways around the cities, customers with a wide choice of therefore there are jams on goods at low cost. urban motorways." * Investment in real estate is * Some projects are being safe and reliable. developed without licences, which * There is a considerable number causes corruption. of construction companies in * The process of returning plots Lithuania which can build of land to their lawful owners high-quality houses according to exceeded the time limit. the complicated projects provided * Due to emigration of qualified by customers. construction workers, there is a

lack of labour force for building,