Total Area: 65,300 km²
GDP (in billion USD): 43
Lithuania, officially the Republic of Lithuania is a country in Northern Europe, the largest of the three Baltic States. It is situated along the southeastern shore of the Baltic Sea, to the east of Sweden and Denmark.
After four years of house price falls, Lithuania's housing market remains weak. House prices continue to fall, though at a much slower pace. The good news is that housing construction and permits are significantly up this year, and housing loan volumes are beginning to recover. Unemployment is falling, and a new anti-austerity socialist government was been elected. However, no housing market recovery is expected next year, according to most local real estate experts.
The apartment price index for Lithuania's five largest cities (Vilnius, Kaunas, Klaipeda, Siauliai, and Panevezys) fell by 1.7% during the year to end-Q3 2012, based on figures from OberHaus Real Estate Advisors. When adjusted for inflation, apartment prices dropped by 4.8% over the same period.
The construction figures are less gloomy. The number of dwellings authorized was up by 16.7% in Q3 on the same period last year (but fell by 4.2% in Q3 2012 from the previous quarter) according to Statistics Lithuania. And the number of dwellings completed was 29.8% higher in Q3 2012 than a year earlier (though it fell slightly by 1.4% q-o-q).