The situation of the Lithuanian real estate market is probably the most discussed topic in the public space recently. Signs of its recovery are awaited, there is no silence about housing prices, new requirements for builders are being discussed. However, how does a Ukrainian who has already implemented more than one project here see our country and its conditions for construction development? What main differences and similarities does he see in the Lithuanian and Ukrainian markets? Dmitrijus Savočka, head of the Ukrainian investment and real estate development company SAVO Investicija, talks about the peculiarities of both countries.
The market has changed and customers have become more demanding
When asked how he assesses the Lithuanian market and its conditions for the development of construction, D. Savočka does not hide that the situation in our country is not very good, but he is happy that a little revival is gradually being observed.
“The situation of the Lithuanian real estate market is not very easy and simple. Various opinions about the future, high bank interest rates and, of course, the political situation in the country have a huge influence. However, the revival of the market, the growing interest of customers, and the growing number of calls can still be felt. I think that people really pay attention to quality, individual details, convenient location of the object. After evaluating all this, they are ready to buy a home. Yes, customers have become more demanding, the market has changed a bit, slowed down, but today’s situation is quite positive,” the real estate developer notes.
The interviewer adds that housing infrastructure is becoming increasingly important for today’s customers, and many want to move into already furnished homes.
“Today’s customer pays close attention to detail and makes sure that their purchase fits within their planned budget. Housing infrastructure, surrounding kindergartens, schools, and shops are extremely important to him. It’s great if everything is within walking distance or a short drive away. Closed territory, playgrounds for children of different ages are also very important. A very significant moment is a completely finished and ready housing. Many people don’t like the hassle of repairs and just want to bring in the furniture. For this reason, in the projects we develop, we always try to provide an opportunity to choose a fully prepared housing”, says D. Savočka.
The situation has changed since COVID-19
When asked to compare the real estate markets of Lithuania and Ukraine, the interviewee reveals that there are many similarities between the two countries, but the differences are also obvious.
“If we were to compare the real estate markets of Lithuania and Ukraine, we would notice similarities, but we would definitely find quite a few differences as well. The war has a very negative impact on the situation of both Lithuania and Ukraine, which is why the real estate market has slowed down in both countries. However, if we assess the need for housing, it is especially lacking in Ukraine today, because huge residential areas have been destroyed and many people simply have nowhere to live. Therefore, many different programs are implemented in Ukraine, which help doctors, military personnel, people who have lost their homes. Some funds are allocated, people can also add their own funds. The state allocates financing for the purchase of housing that has already been put into operation. Economic housing is the most popular in Ukraine today. Meanwhile, in Lithuania, housing must be fully furnished. Even 95 percent of homes for sale are already in operation. However, the construction sector and sales in this area are quite slow, people are afraid”, says D. Savočka.
The head of “SAVO investment” asserts that the situation in Lithuania has changed drastically after the COVID-19 pandemic – this period became a kind of reference point, when less and less things began to depend on the builders.
“If we talk about the Lithuanian market, here people do not depend so much on programs, the banking system works. Therefore, a person chooses more according to his possibilities, he values the location, quality, individual details of the housing. Greater attention is paid to personal preferences. Customers are really more demanding here. There are not so many of them today. If before the war, and especially during the COVID-19 pandemic, everything was in the hands of the builder, now the situation is completely opposite. However, if the project is unique and exclusive, the apartments will be popular and in demand. There is not such a huge hype as it was felt before, but the market, although slow, is stable and not completely stagnant,” claims the developer.
Projects are built according to the highest quality standards
Speaking about the demands of the customers, D. Savočka adds that the high demands of the customers encourage him to align himself with the highest quality standards and to be fully involved in the progress of the projects he builds.
“I am 100% involved in the progress of the projects being built by our company. I am often at the construction site, I personally control the quality, progress of construction, execution of works. Good quality is very important to me. We meet every week to discuss all the details of the work and I try to participate in these meetings, because I understand that if I am interested and live in these projects, people always feel and appreciate it,” says the Ukrainian.
The latest “SAVO Investicija” real estate project in Lithuania is “Lucky Homes 2”. According to D. Savočka, this complex will stand out from the others due to its special attention to details, which will be felt both by the residents of the house and by passers-by on Kalvarijju street.
“First of all, the project is unique in that it is built in a particularly good location. I personally checked and I can guarantee that you can easily reach the old town within 7-8 minutes on foot, and 4-5 minutes will definitely be enough to go to Konstitucija Ave. located in the “Europa” shopping center. Another feature is a private, closed area with children’s playgrounds. We paid special attention to the greening and coziness of the environment. We also considered the details of the facade of the buildings, designed spacious balconies so that people could comfortably spend their free time. We didn’t just paint the elevator shafts in the stairwells, we covered them with clinker tiles, illuminated the stair railings, and carefully selected the ceiling lights. Not all builders pay due attention to this, but it is very important to us. All this gives comfort. The complex also has a closed underground parking lot, where we also found space for storage. They can be purchased together with the accommodation and store your belongings there. We also thought about electric cars – we also provided places for them,” says D. Savočka about the features of the project.
The requirements in Lithuania are extremely high
It is true that this is not the first Lucky Homes project in Vilnius. The real estate developer reveals that the decision to build the second complex of these residential houses was determined by his love for Lithuania and Vilnius.
“I love Lithuania. I really like Vilnius. It is a very cozy, sincere city. In addition, I live here with my family and of course I have a very good team built over time. Here I gain a lot of good experience, because, compared to Ukraine, Lithuania has particularly high requirements for the quality of construction. Even the requirements of other European countries in the construction sector are significantly lower. Therefore, it is a very good experience for me and extremely favorable opportunities not only for professional but also for personal growth”, asserts D. Savočka.
The head of “SAVO investicijos” admits that during the construction of the second complex, he had to face a number of challenges, but at the moment all the difficulties are in the past, and the end of the construction is not far off.
“The main challenge and issue we faced in the development of our latest project was related to the person living in the neighborhood. At the beginning of construction, we had a lot of dirt thrown on us, we had a lot of building inspection checks, although there were no violations. Now that phase is over, we’ve won a lawsuit that lasted almost a year. Currently, the house we are building has reached 85 percent. completion, so today we move on with high spirits. Now the project is in the final stage. The apartments are completely finished, the stairwells are 98% complete, we are currently maintaining the well-being of the area. We plan to complete all construction works by the end of spring”, D. Savočka is happy.
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– 2024-04-18 13:04:50
