After the harsh market correction, Estonian real estate turnover is increasing. Photo by Matteo Tarenghi.
TALLINN — The number of real estate transactions continue to climb in Estonia, indicating that this hard-hit sector is recovering from the crisis.
Indeed, real estate prices are increasing again after halving during the crisis and the country’s largest real estate developers, such as Arco Vara, Merko Ehitus, Endover KVB, and YIT initiated new large-scale projects earlier this year.
Now the Estonian Land Board’s second quarter report shows [private_supervisor]overall amount transactions, measures by value, increased in the second quarter, up from the same period last year by about 100,000 krooni (€6,400).
The land board’s numbers, released Monday, show 10,624 real estate deals were made during the second quarter with 5.45 billion krooni (€348.3 million). This is a slight rise comparing to the same period last year when 9,844 deals were made with the total value of 5.34 billion krooni (€341.3 million), and the first quarter of 2010, when 8,378 deals were made with total value of only 4.37 billion krooni (€279.3 million).
Riho Unt, chairman of the board at SEB’s Estonia subsidiary told KUKU radio program that the real estate prices might go higher in the second half of 2011, but they will not reach the level of “Baltic Tiger” boom period in at least 10 years.
“There is no reason to expect such rise as we saw in 2005 and 2006 when prices went up by 50 percent,” said Unt. “Considering that real estate prices have fallen by 40-50 percent, then to get them back to the level of 2007, it will not take less than 10 years.” [/private_supervisor] [private_subscription 1 month]overall amount transactions, measures by value, increased in the second quarter, up from the same period last year by about 100,000 krooni (€6,400).
The land board’s numbers, released Monday, show 10,624 real estate deals were made during the second quarter with 5.45 billion krooni (€348.3 million). This is a slight rise comparing to the same period last year when 9,844 deals were made with the total value of 5.34 billion krooni (€341.3 million), and the first quarter of 2010, when 8,378 deals were made with total value of only 4.37 billion krooni (€279.3 million).
Riho Unt, chairman of the board at SEB’s Estonia subsidiary told KUKU radio program that the real estate prices might go higher in the second half of 2011, but they will not reach the level of “Baltic Tiger” boom period in at least 10 years.
“There is no reason to expect such rise as we saw in 2005 and 2006 when prices went up by 50 percent,” said Unt. “Considering that real estate prices have fallen by 40-50 percent, then to get them back to the level of 2007, it will not take less than 10 years.” [/private_subscription 1 month] [private_subscription 4 months]overall amount transactions, measures by value, increased in the second quarter, up from the same period last year by about 100,000 krooni (€6,400).
The land board’s numbers, released Monday, show 10,624 real estate deals were made during the second quarter with 5.45 billion krooni (€348.3 million). This is a slight rise comparing to the same period last year when 9,844 deals were made with the total value of 5.34 billion krooni (€341.3 million), and the first quarter of 2010, when 8,378 deals were made with total value of only 4.37 billion krooni (€279.3 million).
Riho Unt, chairman of the board at SEB’s Estonia subsidiary told KUKU radio program that the real estate prices might go higher in the second half of 2011, but they will not reach the level of “Baltic Tiger” boom period in at least 10 years.
“There is no reason to expect such rise as we saw in 2005 and 2006 when prices went up by 50 percent,” said Unt. “Considering that real estate prices have fallen by 40-50 percent, then to get them back to the level of 2007, it will not take less than 10 years.” [/private_subscription 4 months] [private_subscription 1 year]overall amount transactions, measures by value, increased in the second quarter, up from the same period last year by about 100,000 krooni (€6,400).
The land board’s numbers, released Monday, show 10,624 real estate deals were made during the second quarter with 5.45 billion krooni (€348.3 million). This is a slight rise comparing to the same period last year when 9,844 deals were made with the total value of 5.34 billion krooni (€341.3 million), and the first quarter of 2010, when 8,378 deals were made with total value of only 4.37 billion krooni (€279.3 million).
Riho Unt, chairman of the board at SEB’s Estonia subsidiary told KUKU radio program that the real estate prices might go higher in the second half of 2011, but they will not reach the level of “Baltic Tiger” boom period in at least 10 years.
“There is no reason to expect such rise as we saw in 2005 and 2006 when prices went up by 50 percent,” said Unt. “Considering that real estate prices have fallen by 40-50 percent, then to get them back to the level of 2007, it will not take less than 10 years.” [/private_subscription 1 year]
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