Construction, Estonia, Real Estate

According to the real estate company Pindi Kinnisvara, the price of those flats in the same region has grown by a third.

“This in turn will make it possible for developers to sell new buildings very quickly,” commented the analyst of Pindi Kinnisvara Siim Simson. “In 2010, the estimated reserve of flats available for selling was 3 years, now it has fallen to 1 year.” he added.

Simson stated that on one hand the individuals’ sense of security has improved and the number of transactions involving new flats has increased while the planned development projects have been hindered by unpredictable construction prices that have constantly been growing.

“In the second quarter this year, a total of 110 transactions per month were carried out in the Harju County that involved new flats while only a year ago this indicator was 80 transactions and two years ago only 66,” said Simson. The Harju County statistics include the real estate sales statistics in Tallinn.

“Along with the increase in deficit, the price level of development projects up for sale has grown as well; in two years the average price of a square metre of new flats in Tallinn has grown by nearly 30%, together with the Harju County the price growth has been 40%,” said the analyst.