A record month for "Röntgen" – where and why did Lithuanians invest €11 million?
At the height of the holiday season, investors on the real estate crowdfunding platform "Röntgen" achieved a new monthly record: a total of €11 million was invested in 21 projects. The company notes that after a break of several years, the average amount allocated per single investment has started to increase, which indicates growing confidence in the entire housing market, the crowdfunding mechanism, and specifically "Röntgen's" selection criteria.
The €11 million raised in one month would have nearly equaled "Röntgen's" entire annual result in 2021, and even last year, such a number would have been a solid quarterly result. In its record-breaking July, the platform also reached a correspondingly high active loan portfolio of €70 million. According to "Röntgen's" calculations, such volumes of activity are essentially already comparable to the portfolios of credit unions or small banks, which shows the entrenchment of crowdfunding among real estate developers and investors.
According to Martynas Stankevicius, director of "Röntgen," the continued growth in investor activity on the platform is driven by circumstances that have been emerging for some time: a recovering housing market, a competitive risk-to-return ratio, strengthening trust in crowdfunding mechanisms, and the stability created by fixed interest rates and collateralized assets. However, he emphasizes that even during periods of greater optimism, Lithuanians seek not to earn as much as possible, but to be sure that their investment will return.
"Röntgen," which offers a conservative selection and corresponding interest rates in the market, is recording solid long-term results. Some time ago, this would have sounded like a paradox, but today we see a fact: with their money, investors are voting for safer projects, low indebtedness, primary mortgages, and, to put it simply, the highest probability for money and earnings to be returned on time. I am happy that all of this is creating a sustainable image for crowdfunding: in less than a decade, this innovation has become an everyday and common financial partner for residents and businesses," comments M. Stankevicius.
What was funded
In July, as many as 29 investment stages were funded for "Röntgen" real estate development, with a total amount reaching €11 million. Most of these projects are the continuous financing of ongoing development: "Röntgen" typically funds real estate development not with a maximum amount at the beginning of the project, but in stages for specific works and only after the quality of the collateralized property has improved.
Thus, the majority of the portfolio funded on the platform in the record-breaking July was related to the housing segment in major cities, which is maintaining a high pace of development. This month, "Röntgen" investors raised capital for Vilnius apartment buildings or complexes such as "Riverland," "Lazdyn?liai Pictures," "Vilniaus Monmartras," or "Linksmoji 58," while projects like "Panemun?s apartamentai," "Neries krantin?s," etc. were funded in Kaunas or its region. The platform's offerings also included vacation homes on the coast, diversified baskets of different real estate projects collateralized by a single developer, and loans for various business projects by collateralizing apartments in the capital's old town.
July also stood out on the "Röntgen" platform for large investment stages: new projects or more active financing of accelerating construction. The largest monthly investment transactions on the platform were related to the land plots for a new project planned by the "Rinvest" group in Pilait?: over two stages, investors raised a total of as much as €3.3 million here. The financing of the progress of construction for "Kaip Niujorke by Citus" and "Nexto," already familiar to Vilnius residents, also exceeded one million per month, and close to a million was also raised in several stages for the actively developed "Rigo" apartment building in Justinišk?s.
According to M. Stankevi?ius, the greater need for financing recently is due to the strong acceleration of construction of projects started about a year ago after a longer market pause, as well as the new development that developers continue to plan.
"In the second half of 2024, as positive housing market trends emerged, developers actively started with projects that had been prepared earlier, for the construction of which the greatest financing is needed right now due to the specifics of our financing. The unabating sales of apartments also lead to enthusiasm to undertake completely new projects, which we can also finance from land acquisitions. For investors, this means a variety of choices that suit different strategies: from the earliest development stages offering the highest return to the most liquid property that is being finished or even completed," comments the platform's director.
One of the most notable innovations of the "Röntgen" platform in recent months was the offering of foreign real estate projects: the villa complex "Sodankylä Nature Resort" being developed by a Lithuanian real estate developer in Finland. For it, platform investors raised more than €1.1 million in June and July. According to M. Stankevicius, interest in foreign investment projects among Lithuanians has been noticeable for several years, but "Röntgen" creates this offering very cautiously.
"We have always talked about the fact that the platform's expansion abroad must be particularly measured - with a team or at least with time-tested partners in a specific country. This is important to understand the legal or competitive specifics of a particular country. We believe that the project in Finland, developed on our platform by a team that has already successfully financed Lithuanian projects, is in line with this approach and also offers the possibility of geographical diversification. We are currently actively working on and examining several development opportunities with Lithuanian connections in Southern Europe," comments M. Stankevicius.
Strategic direction – a financial services group
It is surprising that even the largest investment stages in July were raised within 1-2 days, and smaller ones within a few hours or even a dozen minutes. In "Röntgen's" assessment, this shows the ability of the crowdfunding ecosystem to take on even the largest developers' real estate projects.
On the other hand, feeling the demand and trust of large, professional, and even institutional investors in the selected projects, the "Röntgen" group has also been developing fund activities for some time. Last year, "Rontgen Asset Management" (UAB "Ketvirta diena"), a fund management company belonging to the "Röntgen" business group, was launched, developing aviation, real estate, and private debt funds. These tools allow the expansion of financing volumes and a spectrum well above the €5 million limit provided by law for a single real estate project.
"In the future, we see "Röntgen" as a name that offers a wide range of financial services, suitable for both beginners and small-scale investors, as well as for the largest investors. The new funds are already actively operating and creating new opportunities for investors and businesses. However, we started our activities with the platform, so it will continue to be the most visible direction of our group's activities," says M. Stankevicius.
According to data from the Bank of Lithuania, "Röntgen" has been the second-largest crowdfunding platform in the country by financing volume since 2023. "Röntgen" stands out for its conservative project selection, a correspondingly high-quality loan portfolio, and a focus on the Lithuanian real estate market, which is best known to investors.
With high developer activity remaining, "Röntgen" forecasts raising a total of €100 million this year, or nearly a quarter more than in 2024. Since the beginning of its operations, the platform has already raised more than €225 million.
A record month for "Röntgen" – where and why did Lithuanians invest €11 million?
At the height of the holiday season, investors on the real estate crowdfunding platform "Röntgen" achieved a new monthly record: a total of €11 million was invested in 21 projects. The company notes that after a break of several years, the average amount allocated per single investment has started to increase, which indicates growing confidence in the entire housing market, the crowdfunding mechanism, and specifically "Röntgen's" selection criteria.
The €11 million raised in one month would have nearly equaled "Röntgen's" entire annual result in 2021, and even last year, such a number would have been a solid quarterly result. In its record-breaking July, the platform also reached a correspondingly high active loan portfolio of €70 million. According to "Röntgen's" calculations, such volumes of activity are essentially already comparable to the portfolios of credit unions or small banks, which shows the entrenchment of crowdfunding among real estate developers and investors.
According to Martynas Stankevicius, director of "Röntgen," the continued growth in investor activity on the platform is driven by circumstances that have been emerging for some time: a recovering housing market, a competitive risk-to-return ratio, strengthening trust in crowdfunding mechanisms, and the stability created by fixed interest rates and collateralized assets. However, he emphasizes that even during periods of greater optimism, Lithuanians seek not to earn as much as possible, but to be sure that their investment will return.
"Röntgen," which offers a conservative selection and corresponding interest rates in the market, is recording solid long-term results. Some time ago, this would have sounded like a paradox, but today we see a fact: with their money, investors are voting for safer projects, low indebtedness, primary mortgages, and, to put it simply, the highest probability for money and earnings to be returned on time. I am happy that all of this is creating a sustainable image for crowdfunding: in less than a decade, this innovation has become an everyday and common financial partner for residents and businesses," comments M. Stankevicius.
What was funded
In July, as many as 29 investment stages were funded for "Röntgen" real estate development, with a total amount reaching €11 million. Most of these projects are the continuous financing of ongoing development: "Röntgen" typically funds real estate development not with a maximum amount at the beginning of the project, but in stages for specific works and only after the quality of the collateralized property has improved.
Thus, the majority of the portfolio funded on the platform in the record-breaking July was related to the housing segment in major cities, which is maintaining a high pace of development. This month, "Röntgen" investors raised capital for Vilnius apartment buildings or complexes such as "Riverland," "Lazdyn?liai Pictures," "Vilniaus Monmartras," or "Linksmoji 58," while projects like "Panemun?s apartamentai," "Neries krantin?s," etc. were funded in Kaunas or its region. The platform's offerings also included vacation homes on the coast, diversified baskets of different real estate projects collateralized by a single developer, and loans for various business projects by collateralizing apartments in the capital's old town.
July also stood out on the "Röntgen" platform for large investment stages: new projects or more active financing of accelerating construction. The largest monthly investment transactions on the platform were related to the land plots for a new project planned by the "Rinvest" group in Pilait?: over two stages, investors raised a total of as much as €3.3 million here. The financing of the progress of construction for "Kaip Niujorke by Citus" and "Nexto," already familiar to Vilnius residents, also exceeded one million per month, and close to a million was also raised in several stages for the actively developed "Rigo" apartment building in Justinišk?s.
According to M. Stankevi?ius, the greater need for financing recently is due to the strong acceleration of construction of projects started about a year ago after a longer market pause, as well as the new development that developers continue to plan.
"In the second half of 2024, as positive housing market trends emerged, developers actively started with projects that had been prepared earlier, for the construction of which the greatest financing is needed right now due to the specifics of our financing. The unabating sales of apartments also lead to enthusiasm to undertake completely new projects, which we can also finance from land acquisitions. For investors, this means a variety of choices that suit different strategies: from the earliest development stages offering the highest return to the most liquid property that is being finished or even completed," comments the platform's director.
One of the most notable innovations of the "Röntgen" platform in recent months was the offering of foreign real estate projects: the villa complex "Sodankylä Nature Resort" being developed by a Lithuanian real estate developer in Finland. For it, platform investors raised more than €1.1 million in June and July. According to M. Stankevicius, interest in foreign investment projects among Lithuanians has been noticeable for several years, but "Röntgen" creates this offering very cautiously.
"We have always talked about the fact that the platform's expansion abroad must be particularly measured - with a team or at least with time-tested partners in a specific country. This is important to understand the legal or competitive specifics of a particular country. We believe that the project in Finland, developed on our platform by a team that has already successfully financed Lithuanian projects, is in line with this approach and also offers the possibility of geographical diversification. We are currently actively working on and examining several development opportunities with Lithuanian connections in Southern Europe," comments M. Stankevicius.
Strategic direction – a financial services group
It is surprising that even the largest investment stages in July were raised within 1-2 days, and smaller ones within a few hours or even a dozen minutes. In "Röntgen's" assessment, this shows the ability of the crowdfunding ecosystem to take on even the largest developers' real estate projects.
On the other hand, feeling the demand and trust of large, professional, and even institutional investors in the selected projects, the "Röntgen" group has also been developing fund activities for some time. Last year, "Rontgen Asset Management" (UAB "Ketvirta diena"), a fund management company belonging to the "Röntgen" business group, was launched, developing aviation, real estate, and private debt funds. These tools allow the expansion of financing volumes and a spectrum well above the €5 million limit provided by law for a single real estate project.
"In the future, we see "Röntgen" as a name that offers a wide range of financial services, suitable for both beginners and small-scale investors, as well as for the largest investors. The new funds are already actively operating and creating new opportunities for investors and businesses. However, we started our activities with the platform, so it will continue to be the most visible direction of our group's activities," says M. Stankevicius.
According to data from the Bank of Lithuania, "Röntgen" has been the second-largest crowdfunding platform in the country by financing volume since 2023. "Röntgen" stands out for its conservative project selection, a correspondingly high-quality loan portfolio, and a focus on the Lithuanian real estate market, which is best known to investors.
With high developer activity remaining, "Röntgen" forecasts raising a total of €100 million this year, or nearly a quarter more than in 2024. Since the beginning of its operations, the platform has already raised more than €225 million.
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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.