November 8, 2012. Vilnius. Western Lithuania and coastal real estate (hereinafter - RE) market shows recovery signs. According to Inreal analysts’ data, 120 new construction apartments have been sold in Klaipėda, Palanga and Neringa regions within the third quarter of 2012, and this is 2.3 times more than within the same period in 2011. Even four times more new construction apartments have been sold in Klaipėda city than in the third quarter of 2011. The increase in new construction apartment purchase-sales transactions is being noticed in Palanga and Neringa. According to Raidla Lejins & Norcous lawyers, sales could grow even faster if more liberal laws, facilitating entry opportunities for foreigners to Lithuania (EU), are adopted in Lithuania.“In comparison with the third quarter of the previous year, new real estate sales increased by 47 percent in Palanga, and even by 9 times in Neringa”, - stated Agnius Tamošaitis, the Head of RE management department at JSC
Inreal valdymas. According to him, the supply is also growing – development or renovation of eight real estate projects in Palanga and Neringa has been started.
According to A. Tamošaitis, there are more changes in coastal RE market observed. For example, more and more Klaipėda residents buy property in Palanga and move to live there. However, according to the number of first home transactions, Klaipėda is still significantly ahead of Palanga and Neringa, where the majority of real estate property is bought as second homes.
According to Aušra Mudėnaitė, the Partner of the Law Firm
Raidla Lejins & Norcous, real estate sale in coastal region could be also promoted by liberalisation of resident permits and visa procedures for the nationals of Belarus, Russia, Ukraine and other third countries.
“Residents of Belarus, Russia and Ukraine, interested in resorts of Lithuania, face the problem, that even if they have apartments or villas in Lithuania, they must additionally provide Lithuanian Migration Department with evidence that a Lithuanian person or organization will provide them with other accommodation during visa or temporary residence permit validity period. So, if these requirements are mitigated, as it was made in neighbouring Latvia, the nationals of mentioned countries would have an additional reason to buy real estate in Lithuanian coast more actively”, - stated the Lawyer Aušra Mudėnaitė, the Partner of
Raidla Lejins & Norcous.
According to A. Tamošaitis, investments in new projects, being developed by
Inreal valdymas in coastal region, will reach 31 million Litas. The company develops the complex of twenty apartments and four commercial premises Danės užutėkis (Danes Bay) in Klaipėda Old Town, and the project Kopų vėtrungės, which will consist of forty new apartments.
“Both new projects are being developed in the same coastal region and implements the strategic idea of Inreal valdymas – “exclusive project in special places”, however both project are being developed in respect of differences among real estate purchasers in Klaipėda and Curonian Spit”, – said A. Tamošaitis.
The project
Danės užutėkis is being developed in Klaipėda Old Town, on the riverside of Danė, near Jono kalnelis (John’s Hill), and Klaipeda city defence wall. According to A. Tamošaitis, these apartments are focused on active residents of Klaipėda, willing to live in the Old Town, having an easy access to business centres, leisure, culture and entertainment places, and beaches. Different layout apartments of 30 and more square metres with terraces and balconies are being fitted in Danės užutėkis.
Kopų vėtrungės – apartments in Curonian Spit – are being built in the northern part of Nida, on the last land plot of Purvynės street, neighbouring with dunes. The area of apartments in Kopų vėtrungės – from 24 sq. m., there are balconies, terraces or yards.
Target final date of both projects – II quarter of 2013.
Projects, layouts of flats, apartments and premises are available on the websites:
www.danesuzutekis.lt and
www.kopuvetrunges.lt or by visiting Inreal valdymas offices in Vilnius, Kaunas or Klaipėda.
Since the start of its activities in 1994
Inreal valdymas has implemented 50 different real estate projects. The company operates about 100 real estate objects with a total area of nearly 180 thousand sq. m. in Lithuania. The value of
Inreal valdymas operated property is more than 400 million Litas.
ABOUT INREAL GROUPInreal Group, which consists of JSC "Inreal Valdymas" (Inreal
Management), JSC "Inreal", JSC "Inreal Pastatų Priežiūra" (Inreal
Building Maintenance) (related to companies, administering apartment
houses) and JSC "Inreal GEO", provides the widest spectrum of services
in Lithuania, related to real estate and building maintenance services.
Companies of Inreal group belong to SC Invalda. More than 200 employees
are currently working in Inreal group, the value of managed assets –
about 400 million LTL, mediations in lease or sale of 550 thousand sq.
m. of commercial premises and 1150 apartments, the value of asset,
evaluated per year, is reaching 2 milliard Litas, and the area,
administered by companies of building maintenance sector - 1 million sq.
m. Company offices or representations are operating in Vilnius, Kaunas,
Klaipėda, Šiauliai, Mažeikiai, Alytus, Plungė and Šilalė. ABOUT RAIDLA LEJINS & NORCOUS
Raidla Lejins & Norcous firms in Lithuania, Latvia, Estonia and Belarus are leading providers of legal services in the region with a total team of 130 lawyers. The firms render comprehensive services to local, regional and international entities, including multinational enterprises, international banks and financial institutions. At the annual Financial Times and mergermarket European M&A Awards held in London 2011, Raidla Lejins & Norcous was awarded the title of Legal Adviser of the Year in the Baltics.More information: Rūta Merčaitienė
INREAL GROUP
Marketing and Communications Manager
Mob. +370 611 29779
ruta.mercaitiene@inreal.ltVaida Zykutė
RAIDLA LEJINS & NORCOUS
Communications Manager
Mob. +370 69943312
vaida.zykute@rln.lt