Estonia, Real Estate

Comparing to the end of the last year, which was marked by higher activity in anticipation of the euro changeover, the general real estate market in Estonia was relatively calm in January-March 2011, writes LETA.

However, sales of new apartments go ahead, according to Ober-Haus.

As experts stated, owners had waited for the euro to offer new developments for sale. Approximately 1,000 new apartments came on the market in the first quarter of the year. According to prognosis, between 500 and 1,000 dwellings will be available for purchase in the second quarter of this year.

Currently, price continues to be the key factor for sales, particularly when the new apartments are located in suburban areas. In general, sales of suburban apartments are successful when priced from 850 to 1,200 euros per square meter, while those in central areas go for 1,400 to 2,000 euros per square meter.

While the number of new apartments sold is increasing, the overall apartment market didn't fare as well. In the Tallinn area, the number of apartments sold, old and new, dropped by 30% between the last quarter of 2010 and the first quarter of 2011, Ober-Haus said.