Prestigious areas of the capital where new developments will disappear: an evaluation of where it’s still possible to buy property
For years, districts like Naujamiestis and Šnipiškės have ranked among the most purchased and fastest-growing areas of Vilnius. It’s no surprise — developers are actively launching new residential projects there.
However, there are only a few parts of the city considered truly prestigious — as are the real estate projects within them. Despite high demand from homebuyers seeking premium housing, future supply in these areas is expected to remain scarce.
“It's possible to find the occasional new apartment in prestigious neighborhoods like Žvėrynas, Užupis, Old Town, or the historic part of Antakalnis, usually as a result of conversions or renovations. But the number of such units is extremely limited, and when they do appear, they are quickly sold,” says Paulius Šatikas, CEO of the real estate development and management company Resolution.
He shared his insight into the current new housing supply situation and future prospects in Vilnius’s most sought-after upscale areas, where development opportunities are extremely restricted.
Žvėrynas – The Lowest Supply in the City
Among Vilnius’s luxury districts, old Žvėrynas holds a unique position. Its lush parks, quiet streets, and historic villas make it an attractive destination for both locals and newcomers from abroad. However, in this prestigious part of the city, embraced by the Neris River, only a few real estate projects are currently underway, with very few more planned in the foreseeable future. Žvėrynas has the lowest housing supply in Vilnius.
“Žvėrynas is one of the most popular areas in Vilnius, and home prices here are consistently rising — and will continue to rise. The price per square meter for new residential projects in this area has already reached and surpassed €5,000–€6,000,” says Šatikas.
Most buildings in Žvėrynas are listed as cultural heritage, leaving virtually no room for new development. The historic architecture and wooden homes, built around the 19th–20th century, are strictly protected and highly valued. Even if a vacant plot becomes available, new construction would face stringent heritage protection requirements to preserve the area’s unique spirit.
Currently, the only active residential project being developed through conversion in the district is KANSO Sakalų 4 on Sakalų Street, a modern low-rise development combining commercial and residential spaces, scheduled for completion in the first half of 2025.
“In such a central location, only premium-class, high-quality real estate that meets all modern comfort, sustainability, and technology standards can be developed. High expectations are set by both developers and clients — from materials and architectural decisions to the construction process,” Šatikas explains.
According to him, even the few remaining conversion-suitable plots — still somewhat available in the Old Town or neighboring districts — are almost nonexistent in Žvėrynas. Once KANSO Sakalų 4 and a few office developments are completed in 2025, construction in this part of Vilnius may pause for the foreseeable future.
Užupis – A Republic Without Land to Build
Užupis, known for its bohemian vibe and the self-proclaimed “Republic of Užupis”, is another district where large-scale development should not be expected. While the area continues to attract artists and creatives, it’s not known for its modern buildings or apartment blocks.
“Užupis’s charm lies in its uniqueness, and the local community — together with the city — actively works to preserve that quality and prevent mass development. Yet buyer interest remains high: over the past decade, housing prices here have nearly tripled,” says Šatikas.
Currently, apartments are available in only a few small projects. A handful of additional boutique developments are planned, but — as in Žvėrynas — there are almost no plots left suitable for new construction. Future supply is expected to remain fragmented and minimal.
“While future investment may shift toward renovation projects, strict heritage protection regulations significantly limit those opportunities as well,” he adds.
Vilnius Old Town – Desirable, Yet Inaccessible
It’s hardly surprising that new housing development is practically non-existent in Vilnius’s UNESCO-listed Old Town — and will likely remain so in the future.
“Žvėrynas, Užupis, the Old Town, and historic Antakalnis all share one thing in common: protecting their cultural and natural heritage is the top priority. These areas are treasured for their unique value — their history, architecture, and environment — which makes them extremely desirable for homebuyers. Yet for those very reasons, only a select few will ever be able to live there,” says Šatikas.
In the Old Town, the price per square meter for prestigious properties can reach €10,000 — or even more for exceptional offerings.
However, unless tied to renovation or conversion projects, new housing options are essentially non-existent in the area, and very few are planned in the near future.
Antakalnis – A District with Two Faces
Antakalnis has long been associated with luxury, greenery, and calm — and it remains one of the capital’s most desirable places to live.
“Officially, Antakalnis is a large district with a mix of projects, but only the old, historic part near the city center and the Neris River is considered truly prestigious. It offers a wealth of parks, greenery, and serenity. Yet in this part of the district, virtually no new construction is underway — nor is any planned,” Šatikas explains.
Like other upscale districts, Antakalnis suffers from a shortage of suitable plots and a long, complex planning process.
“Those who want to settle in one of these prestigious areas should act quickly. Once the remaining plots are developed, all available conversions are completed, and the few currently available units are sold, the opportunity to purchase new housing in these parts of Vilnius will disappear,” he concludes.
