According to Arco Vara analyst Mihkel Eliste, the situation on the real estate market inspires some optimism.
In the first quarter, the number of transactions in both Tallinn and Tartu and Pärnu decreased compared to the same period last year. In March of this year, 1979 purchase and sale transactions were completed on the apartment market in Estonia.
“Compared to February, the number of transactions was even 20 percent higher than usual, despite seasonal and calendar factors, but this growth rate cannot be considered as regular,” explained Arco Vara analyst Mihkel Eliste.
According to him, the statistical growth of the apartment market in March was mainly due to transactions with new apartments in the vicinity of Tallinn – mainly in the Rae, Saku, Saue and Viimsi volosts.
In the second half of last year, when the stock market fluctuated, the real estate market froze, expecting a sudden price collapse. However, the beginning of this year, according to Elista, is rather encouraging.
“In most parts of Estonia, calm is still calm, but given the changes that occurred in the second half of last year, the market situation at the beginning of this year is a little more positive than expected,” Eliste added.