Estonia, Real Estate
International Internet Magazine. Baltic States news & analyticsThursday, 02.09.2010, 22:38
Transaction activity on Tallinn real estate market had fallen by 35% in a year
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The prices of transactions fell by 15-20% in a year, in case of individual houses even a fall of up to 40% has been noted.
In spring of 2007 when the prices of flats peaked in Tallinn, a 2-bedroom flat in a very good condition in a block of flats at the Mustamäe city district cost 1.1 – 1.5 million kroons while at the moment flats with similar conditions could be bought for 0.95-1.0 million kroons.
It is estimated that the next quarter will see a similar situation in Tallinn and in the Harju County.
Principal obstacles for buying a new home is selling the existing one at the desired prices and getting a loan from the banks.
Another real estate agency, BPE Kinnisvaraekspert, stated that the characteristic number of transactions on the Tallinn flats market is 500-700 transactions per month. It is projected that the prices of offered flats will continue falling as flats and individual houses are still too expensive for buyers.
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