Transaction activity on Tallinn real estate market had fallen by 35% in a year

Analyst of Uus Maa Kinnisvarabüroo Annika Jakobson stated in the overview of the real estate market that during the summer the market was quiet in Tallinn – the transaction activity had fallen by 35% in a year, writes Äripäev.ee.

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.

Source http://baltic-course.com/eng/real_estate/

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