Estonia, Legislation, Loan, Real Estate
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Thursday, 25.04.2024, 05:43
Real estate market crash hurt honest buyers in Estonia
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One of such examples is Imre who bought a housing lot in a housing estate near Loo in 2006 that was being developed by two businessmen - Artur Antropov and Meelis Niin, LETA reports.
Imre took a 30-year housing loan and is repaying 4,000 kroons a month to the bank, but then found out that he will not be issued a building title since the estate was partly located on a swamp. Moreover, the developers pulled out from the project and refused to develop the necessary infrastructure such as streets and lighting. Both are now accusing each other of letting the project go bust.
"I only owned the land and had nothing to do with its development. Ask Meelis Niin about the developers," says Antropov.
Niin notes that his cooperation with Antropov ended in 2009. "I was pushed out of the business," he explains, adding that buyers should contact the municipality for assistance.
The development company is now in the process of liquidation.
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