Spaudos centras
Spaudos centras
As demand continues to outstrip supply in the capital's rental market, the first rental-only apartment block was officially unveiled to the public. The first phase of the project ‘Lumi Namai’, which is managed by the Estonian rental housing developer Lumi Capital, has offered 124 apartments of various sizes in the first phase in the ‘Naujasis Skansenas’ district of Vilnius' Šnipiškės area, located between Žalgirio and Linkmenų Streets. The move launched the EUR 125 million deal that impressed the real estate market last year between the non-life insurance company and the project's main investor, BTA Baltic Insurance Company, and the construction company YIT. The deal was agreed last year for the construction of five apartment blocks for rent in the Baltics (two each in Vilnius and Riga, one in Tallinn).
The first tenants moved in at the end of August, and the remaining tenants are expected to move in by early next year. The 25-96 sq meters apartments have already been furnished to accommodate families and pets, and are equipped with all the essentials, including a fridge-freezer, a washing machine, a stove, an oven, a cooker hood, a dishwasher, and wardrobes in the corridor and bedrooms.
According to Reeli Simson, Business Manager at Lumi Capital, Lithuania will follow the model that has been widely used abroad so far, where the rest of the apartment - soft furnishings, curtains, and other interior details - can be furnished by the tenants themselves according to their preferences. If desired, significant changes to the interior, such as repainting the walls or changing light fittings, will also be possible.
‘We are observing and reacting to the situation in Vilnius, which has been going on for some time now, when the number of people who want to rent high-quality housing is increasing, but there is a severe shortage of such housing projects on the market, especially new ones. At the same time, we want to provide something that no one else on the market is offering - a high degree of flexibility - whether it is the need to live for a family with small children or pets, or for employees of technology companies from abroad who have moved to Vilnius to work, and for whom the search for housing is a real headache. In addition, as the houses are for rent, the residents will be able to live there as long as they want, not as long as the owner allows’, shares R. Simson.
Currently, prices in ‘Lumi Namai’ range from EUR 750 for a 36.6 sq. m apartment to EUR 1 500 for a 96.4 sq. m apartment. For an additional fee, residents will also be able to rent a parking space in the underground car park and a storage room.
The ‘Naujasis Skansenas’ project, which will include a number of apartments for rent, was launched in 2019 and is currently in its fourth phase. According to Mindaugas Pakalnis, Chief Architect of Vilnius city, such large projects contribute significantly to the renaissance of various districts, and the development of a 4-hectare site in a strategically convenient location in the Šnipiškės district highlights the modern side of Vilnius and, together with modern business centers, forms the whole of a progressive district of the capital.
‘The project truly contributes to the sustainable development of the capital city – it is great to see that on the right side of the Neris, in the Šnipiškės district, there is a compact, urban-style residential area with safe courtyards, lively streets, a comfortable environment and harmoniously developed infrastructure reflecting the modern face of Vilnius’, he says.
Wolfgang Stockmeyer, Chairman of the Board of BTA Baltic Insurance Company, the project’s main investor, is delighted with the unique investment project in Lithuania’s largest and fastest-growing city.
‘This is an exciting experience for BTA to participate in this kind of investment projects in three Baltic capitals at once. Today we are clear that even though BTA is working in a financial sector, it is useful to think broader and find the most prospective areas to employ the capital. Vilnius project is particularly interesting, because this is the innovation in RE rental market, aimed to satisfy its rapidly growing needs. We believe in the rental market development and seek to provide the high standard apartments to satisfy the market‘s needs. We are looking forward to see this project’s progress and sector’s development as well as keep contributing in it’, comments Mr Stockmeyer.
All buildings are to be certified according to the internationally recognized BREEAM sustainability assessment certificate. Compliance with these standards gives construction projects an advantage in the private real estate rental market, contributes to the availability of sustainable housing for the population, and increases the return on investment in such buildings by reducing their operating costs.
Contact person:
Reeli Simson
Business Manager
Lumi Capital
Tel. +372 566 46886