The Estonian real estate market is currently very active and demand is much higher than apartments available, experts say. The fear of real estate running out has also increased prices, but since developments have picked up, the chances of a drought are soon decrease.
The real estate market has heated up considerably and three-four room apartments seem to be the hot commodity, said Uus Maa real estate bureau broker Ketlin Jundas. “Before the health crisis, investors found one-two room apartments to be good deals, it is family apartments today,” she said.
Both new developments and old apartments are being bought out with interest levels high for all other kinds of real estate as well, Jundas said. Data from Uus Maa real estate bureau, active across Estonia, shows that real estate deals are active not only in Tallinn but other regions as well.
“The real estate market is very active currently, there is even some heating. The reason for it is still that there was a waiting position taken in the spring of last year with the crisis starting, nobody knew anything. Buyers got a little scared, developers and sellers got scared and everyone was waiting for something. By today, they have all arrived back on the market. What has happened is that buyers feel like they need to grab something quickly, otherwise they will miss out,” Jundas noted.
Anyone hoping to buy an apartment in a new development should not go with the current because developers will catch up, the broker said.
Developers are truly working hard. “The real estate market showed signs of becoming more active since last fall. We sell 10-20 homes a month, which I think is about the average market result. Consumer confidence seems to be quite strong. Most apartments in constructed buildings have found an owner,” said Lauri Laanoja, sales and marketing manager for real estate developer Bonava.
Read more: ERR.EE