Apartment prices in Lithuania down 1.1% in November
The Ober-Haus Lithuanian apartment price index (OHBI) shows that the rate of decline in apartment prices is continuing to slow down. In November this year, apartment prices in the five largest Lithuanian cities (Vilnius, Kaunas, Klaipėda, Šiauliai, and Panevėžys) went down 1.1% (monthly decreases of 1.8% were recorded in September and October). This is one of the lowest indicators this year, almost equalling the change recorded in July, when apartment prices went down 0.9%. Over the past 3 months, apartment prices declined as much as in March this year, when the highest monthly decline this year - 4.7% - was recorded.
The OHBI data for November confirm the decrease in the annual apartment price decline forecasted in October. The OHBI for November shows that over the past 12 months apartment prices decreased 28.4% (in September 2009, the annual price decrease was 30.2%).
From the highest summarised apartment price level, which was reached in December 2007, to November this year apartment prices in major Lithuanian cities declined 37.4%.