In the beginning of the year, apartment sales in the centre of Kaunas grew seven times over, reversing a previously observed trend of suburbanization in Lithuania’s second city. Specialists believe that this is a way for Kaunas residents to avoid the city’s growing traffic problems.
People may have been attracted from the suburbs to the centre of the city by new apartment buildings as well. Even one-fifth of unfinished apartments have already been sold.
Another trend developing in Kaunas that has already been seen in Vilnius is the purchase of upper-class apartments, whose value has increased by more than 10%.
Accoridng to market experts, 60% of Lithuanian residents still live in old apartment buildings. More than a fifth of them want to change their residential locations because they are dissatisfied by their living conditions, inefficiency and lack of space.
However, experts have also said that many residents have been prevented from moving out by a fear of facing financial losses or a lack of funds.