Analytics, Estonia, EU – Baltic States, Financial Services, Real Estate

"It is difficult to give a prognosis and advise on Euribor, but it may reach a rate close to zero by the end of this year already," Mertsina said.

At the same time, the forecast of the European Central Bank (ECB), which is based on interest rate futures, indicates that the Euribor rate will not change significantly this year, but will start rising next year and will reach a positive rate in 2020.

However, Mertsina said that Euribor's increase could come earlier. ""If we look at futures, that is what the markets calculate, then they indeed show that Euribor should remain below zero this year, but we have made the curve more pronounced," he said.

He added that loans will not start rising in price even if Euribor reaches the positive side. "Even though interests will rise, then in the next few years they will nevertheless remain relatively low," he said.

The six-month Euribor rate at the beginning of 2008 was 5.4%. At present, this indicator stands at -0.274%. The average interest rate of new housing loans last November was 2.3%.