YIT Lietuva has recorded another active quarter in the housing market, but is monitoring signs of market stabilization
The right bank of the river Neris in Kaunas in front of the Old Town and Kaunas Castle, which had been abandoned just a few years ago, nowadays is one of the most attractive places to live. Construction and sustainable real estate development company “YIT Kausta”, executing urban project here in Brasta Street, this month has finished construction works of already the fifth apartment building. Life in these new homes is being created by young families, senior citizens and the ones investing in projects with long-term value.
According to the plan, the construction of the newest six-storey apartment building will be started already in May, and the next one, 5 and 8 storeys building of two blocks, should start to emerge already in autumn this year. 94 new apartments have been projected in these buildings in total, the area of which will be ranging from 39 sq. m. to 162 sq. m.
25 families will be able to settle in a six-storey A+ energy efficiency class building, the construction of which is soon to be started. More spacious 2-4 room apartments of 51, 91 sq. m. – 162, 30 sq. m. are planned to be completed in this building. Its residents will be able to enjoy fascinating views of Kaunas Castle, river Nemunas and the Old Town every day; they will relish the walks on footpaths laid by the river, will ride bicycles or simply spend their time in the amphitheatre on the riverbank in front of Kaunas Castle.
“We notice that the residents are interested in common areas and engineering systems of a building more than ever. The appearance of the staircase, the yard and the children's playgrounds is as important to them as the way their apartment looks. Clients choose apartments with more effective cooling systems more often now” – notes Kęstutis Vanagas, the general manager of “YIT Kausta”.
According to K. Vanagas, house buyers in Kaunas are becoming increasingly more demanding; they are looking for the best price-quality ratio and appreciate various additional values of the purchased real estate. This encourages improvement and introduction of increasingly innovative technologies.
The city is improving its infrastructure as well
With the development of Piliamiestis district, the infrastructure around it is gradually being improved as well. Kaunas city municipality plans to build a new pedestrian and cyclist bridge to link the centre of the city with the right bank of Neris, which should extend near Petras Vileišis bridge and open up a straight road between the Old Town and Piliamiestis. The connection between the two banks of Neris is intended to be facilitated by building one more Kėdainiai bridge, the construction of which is scheduled to commence already in the year 2019. Thus, Piliamiestis will be linked to Aleksotas. Moreover, a new transport node with two roundabouts and a conjunction under the bridge is scheduled to be established at the approaches to the Vileišis bridge, thus reducing traffic congestion at the approaches to the Old Town. There are plans for Brasta Street reconstruction as well, which is intended to commence this year.
Such transport infrastructure development of Kaunas city makes a newly emerging district also attractive to business. Therefore, “YIT Kausta” is already making plans for the construction of a new business centre as well.
In total, seven residential houses with administration premises and a new business centre is scheduled to be constructed on the right bank of Neris before the year of 2020. According to K. Vanagas, information technology companies are mostly interested in the opportunity to settle their offices in Piliamiestis.