2026-10-07
Reading time: 3 min.
M. Stankevicius: Crowdfunding has already become the main instrument for housing development
The Lithuanian crowdfunding sector, which raises nearly €400 million a year, has not only shed its "alternative" label but has also become a significant factor shaping housing supply, and even one that cools price growth and the rental market, says Martynas Stankevicius, CEO of the operator Röntgen.
The Bank of Lithuania reports that €379.4 million was raised on platforms last year. Even after subtracting loans not intended for real estate development and projects abroad, several hundred million euros would still equal the combined annual housing investment of at least the five largest developers in the country.
To put it another way, roughly €200 million would be enough to develop about 2,000 average apartments in Vilnius, or at least two-thirds of the new supply that developers brought to the capital last year.
Röntgen CEO M. Stankevicius maintains that crowdfunding has already become the main instrument for housing development, influencing the entire real estate ecosystem. Over the past decade, it has above all replaced informal lending for property developers, when a large share of development was financed privately through a narrow circle of wealthier individuals or companies.
"Bank financing for the construction phase has practically not existed for a long time. Credit unions and smaller banks were somewhat more active and continue to grow. But in the last decade, many small and medium-sized developers either received no financing at all or borrowed from an opaque, unregulated and non-specialised market. So the establishment of crowdfunding has, first and foremost, helped new developers and projects enter the market, and allowed active players to build even more. This not only increased supply and competition but may also have reduced pressure on prices," says M. Stankevicius.
That said, he stresses that over the sector's decade, crowdfunding has outgrown its label as a tool for small developers: a number of experienced, well-known names in the market now use it too.
Transparency and professionalism
In M. Stankevicius's view, although crowdfunded capital is somewhat more expensive for developers than bank financing, the emergence of this sector has still directly or indirectly made borrowing cheaper for many property developers. For example, the informal loan market that previously dominated did not disclose its terms, and those terms were usually unfavourable to the developer.
"Publicity has brought transparency to the market. In crowdfunding, the projects themselves, their business plans and loan terms are public, and both investors and developers can see and compare all of this. So developers now essentially get the market price, rather than whatever they used to be able to negotiate privately. I have no doubt that in a fair, balanced and regulated market, the terms are more favourable than when borrowing within a closed circle. In turn, the speed and flexibility of crowdfunding can in many cases help a developer earn more than cheaper but slower bank capital would," says M. Stankevicius.
He also notes that crowdfunding has made development lending professional, for developers and investors alike. Crowdfunding operators have become specialised real estate lending competence centres, with teams of analysts, lawyers and other experts, established processes and supervision by the Bank of Lithuania. All of this helps protect investors' interests, while developers borrow from a professional and regulated source.
Cooling the market
Most of the nearly €400 million raised on platforms last year was invested by Lithuanian residents, in most cases in real estate projects developed in Lithuania.
In M. Stankevicius's opinion, if the crowdfunding instrument did not exist, this money would most likely have gone into buying investment properties or into shares.
"Crowdfunding has become a popular alternative to buying an apartment to rent out. I am sure this cools the market, both through greater housing supply and through less investor involvement in the rental market. It is also valuable for the economy that crowdfunded capital usually stays in Lithuania," says M. Stankevicius.
So when discussing a hypothetical scenario, a Lithuanian real estate market without crowdfunding, he suggests it would be a blow not only to business and investors but to the entire housing segment.
"Crowdfunding is already the main instrument for residential real estate development in Lithuania. Without it, financing costs would rise and availability would fall. Part of development would return to the informal capital market, but project supply would still drop sharply, and investors would turn to buying apartments to rent out. So supply would fall and demand would rise, which would lead to higher prices," says M. Stankevicius.
In 2025, Röntgen investors raised a total of €95.2 million, more than a quarter of the entire Lithuanian crowdfunding market. In the first three quarters of this year, Röntgen raised €83 million, almost as much as in all of 2025. Most of these funds are allocated to financing residential real estate projects developed in Lithuania.
2026-10-07
Reading time: 3 min.
M. Stankevicius: Crowdfunding has already become the main instrument for housing development
The Lithuanian crowdfunding sector, which raises nearly €400 million a year, has not only shed its "alternative" label but has also become a significant factor shaping housing supply, and even one that cools price growth and the rental market, says Martynas Stankevicius, CEO of the operator Röntgen.
The Bank of Lithuania reports that €379.4 million was raised on platforms last year. Even after subtracting loans not intended for real estate development and projects abroad, several hundred million euros would still equal the combined annual housing investment of at least the five largest developers in the country.
To put it another way, roughly €200 million would be enough to develop about 2,000 average apartments in Vilnius, or at least two-thirds of the new supply that developers brought to the capital last year.
Röntgen CEO M. Stankevicius maintains that crowdfunding has already become the main instrument for housing development, influencing the entire real estate ecosystem. Over the past decade, it has above all replaced informal lending for property developers, when a large share of development was financed privately through a narrow circle of wealthier individuals or companies.
"Bank financing for the construction phase has practically not existed for a long time. Credit unions and smaller banks were somewhat more active and continue to grow. But in the last decade, many small and medium-sized developers either received no financing at all or borrowed from an opaque, unregulated and non-specialised market. So the establishment of crowdfunding has, first and foremost, helped new developers and projects enter the market, and allowed active players to build even more. This not only increased supply and competition but may also have reduced pressure on prices," says M. Stankevicius.
That said, he stresses that over the sector's decade, crowdfunding has outgrown its label as a tool for small developers: a number of experienced, well-known names in the market now use it too.
Transparency and professionalism
In M. Stankevicius's view, although crowdfunded capital is somewhat more expensive for developers than bank financing, the emergence of this sector has still directly or indirectly made borrowing cheaper for many property developers. For example, the informal loan market that previously dominated did not disclose its terms, and those terms were usually unfavourable to the developer.
"Publicity has brought transparency to the market. In crowdfunding, the projects themselves, their business plans and loan terms are public, and both investors and developers can see and compare all of this. So developers now essentially get the market price, rather than whatever they used to be able to negotiate privately. I have no doubt that in a fair, balanced and regulated market, the terms are more favourable than when borrowing within a closed circle. In turn, the speed and flexibility of crowdfunding can in many cases help a developer earn more than cheaper but slower bank capital would," says M. Stankevicius.
He also notes that crowdfunding has made development lending professional, for developers and investors alike. Crowdfunding operators have become specialised real estate lending competence centres, with teams of analysts, lawyers and other experts, established processes and supervision by the Bank of Lithuania. All of this helps protect investors' interests, while developers borrow from a professional and regulated source.
Cooling the market
Most of the nearly €400 million raised on platforms last year was invested by Lithuanian residents, in most cases in real estate projects developed in Lithuania.
In M. Stankevicius's opinion, if the crowdfunding instrument did not exist, this money would most likely have gone into buying investment properties or into shares.
"Crowdfunding has become a popular alternative to buying an apartment to rent out. I am sure this cools the market, both through greater housing supply and through less investor involvement in the rental market. It is also valuable for the economy that crowdfunded capital usually stays in Lithuania," says M. Stankevicius.
So when discussing a hypothetical scenario, a Lithuanian real estate market without crowdfunding, he suggests it would be a blow not only to business and investors but to the entire housing segment.
"Crowdfunding is already the main instrument for residential real estate development in Lithuania. Without it, financing costs would rise and availability would fall. Part of development would return to the informal capital market, but project supply would still drop sharply, and investors would turn to buying apartments to rent out. So supply would fall and demand would rise, which would lead to higher prices," says M. Stankevicius.
In 2025, Röntgen investors raised a total of €95.2 million, more than a quarter of the entire Lithuanian crowdfunding market. In the first three quarters of this year, Röntgen raised €83 million, almost as much as in all of 2025. Most of these funds are allocated to financing residential real estate projects developed in Lithuania.
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"Trečia diena" UAB, which operates the Röntgen platform, is a licensed crowdfunding platform. The platform is governed by the EU Crowdfunding Regulation and is supervised by the Bank of Lithuania in accordance with the law.
"Trečia diena" UAB, which operates the Röntgen platform, is a licensed crowdfunding platform. The platform is governed by the EU Crowdfunding Regulation and is supervised by the Bank of Lithuania in accordance with the law.