{"id":14292,"date":"2012-02-28T00:00:00","date_gmt":"2012-02-27T22:00:00","guid":{"rendered":"https:\/\/www.invaldainvl.com\/group-company-press-releases\/inreal-re-market-after-variable-2011-more-signs-of-life-are-being-expected-in-2012\/"},"modified":"2012-02-28T00:00:00","modified_gmt":"2012-02-27T22:00:00","slug":"inreal-re-market-after-variable-2011-more-signs-of-life-are-being-expected-in-2012","status":"publish","type":"post","link":"https:\/\/www.invaldainvl.com\/en\/group-company-press-releases\/inreal-re-market-after-variable-2011-more-signs-of-life-are-being-expected-in-2012\/","title":{"rendered":"\u201eInreal\u201c: RE market: after variable 2011 more signs of life are being expected in 2012"},"content":{"rendered":"\n<p>Today, on the 28th of February 2012 Inreal Group together with partners AB bank Finasta and law office Raidla Lejins &amp; Norcous presents the Review of Lithuanian Economics and Real Estate Market 2011 \u2013 2012 and states, that the year 2011 was particularly changeable for real estate (RE) market. It will depend on both general economic situation and funding policy of banks, whether investments to RE object will become more intensive.&nbsp; <\/p>\n<p>According to R\u016bta Medaiskyt\u0117, the macroeconomist of Finasta bank, the year 2011 was successful to economics of Lithuania. The year started with a careful optimism, which did not disappoint. The economic growth of the entire year was one of the highest in the European Union and was reaching 5.8 percent. Last year, the economic growth of Lithuania was resulted by a wider circle of factors than in 2010 \u2013 export market was supplemented by raising domestic demand. After recession of 2009, new economic development peak was achieved in the third quarter of 2011. However disturbances in Euro-zone financial sector and European economic slowdown negatively affected economics of Lithuania as well \u2013 the growth have noticeably decreased during the last quarter, and this tendency may remain in the coming quarters of 2012 as well. <\/p>\n<p>RE market was developing in the same scenario, although the peak in it was reached about a quarter earlier. \u201cImproving expectations of residents in the beginning of the year together with the financing policy of banks, becoming more lenient, were increasing the amount of contracts, liquidity of market was growing, vacancy of objects was decreasing, increase in prices of new, modern projects was recorded\u201d, &#8211; says Arnoldas Antanavi\u010dius, the Manager of Consultations and Analysis Department of Inreal Management, noting that increase of prices was mostly noticed in the capital only, where RE market was the most active throughout the year 2011. According to him, apartment prices in new projects increased by approximately 5-7 percent, in market land plots and private houses \u2013 about 10-15 percent, and in market of business centres and sector of logistics \u2013 about 15 percent in Vilnius during the first half of the year. While in Kaunas or Klaip\u0117da the price of only agricultural land increased. The prices in commercial sector remained stable, and the prices of apartments decreased by 1-3 percent at an average. <\/p>\n<p>The maintenance of positive beginning of 2011 for the second half of the year was unsuccessful. Due to external factors of macroeconomics, business and customers\u2019 expectations started to decrease, the increase of prices in all sectors has stopped, and the prices of new apartment houses being under construction have returned to the initial level. In the end of the year after the bankruptcy of bank Snoras have brought much confusion and significantly raised people\u2019s distrust of the banking system.&nbsp; However according to A. Antanavi\u010dius, this event, which has brought significant damage to the economics of the country, to some extent temporarily activated RE market, which once again was calm, because investment to RE is considered to be one of the best capital saving measures, particularly at the moment, when RE prices have significantly decreased. In accordance with PI Centre of Registers, the total amount of contracts on accommodation, concluded in November-December of 2011, was 610 million LTL, in other words, it was by one fifth higher than in the corresponding period of 2010, when the amount of concluded contracts on accommodation was 500 million LTL.<br \/>&nbsp;<br \/>According to Au\u0161ra Mud\u0117nait\u0117, the lawyer of the partner &#8211; law office Raidla Lejins &amp; Norcous, the year 2011 was primarily important by the new luxury tax for RE \u2013 all RE property of residents, tax value of which exceeds 1 million Litas, was imposed a tax of 1 percent tariff. More important amendments have been accepted in the field of land tax \u2013 fee calculation procedure has been modified, which should become valid in 2013. It was sought to make the processes, such as RE purchase or mortgage contract conclusion, and property registration, etc., become more effective by other amendments of legislation on RE. Decision, advantageous to lessees, is worth to be mentioned among the precedents, established by the Supreme Court of the Republic of Lithuania this year, which decreases the tax due to the influence of economic crisis.<\/p>\n<p>According to the authors of the review and considering the future prospects, the following 3 basic elements should be distinguished: situation in macroeconomics, financing policy of banks, and domestic consumption. The way, how RE market will be developing in 2012, will depend on these factors. Although the specialists of macroeconomics forecast a slower growth of the country for this year, however huge potential in a long-term perspective of the country is remaining, resulted by huge investments currently under implementation and planned to be implemented in new factories, sector of energetics, infrastructure and logistics. New investments would not only infuse additional capital into the economics of Lithuania, but would also help to create new jobs, improve climate in microeconomics and promote domestic consumption. <\/p>\n<p>&nbsp;<br \/><a href=\"\/repository\/2011-2012_NT_rinkos_apzvalga.pdf\" target=\"_blank\" rel=\"noopener\">The review of economics and real estate market of Lithuania of 2011.<\/a><br \/>&nbsp;<\/p>\n<p>More information:<br \/>&nbsp;<br \/>R\u016bta Mer\u010daitiene<br \/>Inreal group<br \/>Marketing and Communications Manager<br \/>Mob. +370 611 29779<br \/><a href=\"mailto:ruta.mercaitiene@inreal.lt\">ruta.mercaitiene@inreal.lt<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, on the 28th of February 2012 Inreal Group together with partners AB bank Finasta and law office Raidla Lejins &amp; Norcous presents the Review of Lithuanian Economics and Real..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14],"tags":[6],"class_list":["post-14292","post","type-post","status-publish","format-standard","hentry","category-group-company-press-releases","tag-imported"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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