Estonia, Financial Services, Loan, Real Estate

The bank’s private individuals’ financing division director Andres Tukk stated that at the beginning of this year, the number of transactions with apartments has been increasing as compared to the beginning of last year.

Thus the number of transactions grew by 14% in January, 39% in February and 22% in March as compared to the same time in 2009.

Tukk said that the good thing is that certain stability is taking place in price levels and there is some growth in Harju county and Tallinn.

He added that while in earlier years, the average price of a sq metre of housing space has been much higher than the average monthly income of people, then at the end of last year those indicators achieved more or less the same level.

He said also that an increasingly big amount of real estate transactions are conducted without a loan or with high self-financing rate. “We estimate that there are 25,000-30,000 families in Estonia who could acquire a new home,” added Tukk.