estonian property sales up 25pc year on year in november
News Posted On: 16 December 2009
In statements that will shock many, a leading Estonian real estate professional has Mika Sucksdorff, CEO of real estate company Uus Maa Kinnisvarabüroo has written in a magazine article that Estonian property transactions in November this year, were 25% up on a year earlier.
This would seem to point to a rapid recovery in the market; given that the year-on-year increase in October was only 1.2% and only in the region surrounding the summer capital Talinn -- an increase in that region would suggest that Estonia is seeing the same uptick in foreign demand that is being seen in many foreign markets.
The upsurge in demand for Estonian property, especially if it is predominantly foreigner based, is most likely as a result of the announcements that Estonia is likely to become the Baltic state to successfully adopt the Euro.
Though the adoption is still a long way off, the announcement that the Estonian government had successfully kept its country on track to join the single currency on schedule caused a change in the market, and many people will have acted on the basis that prices are probably as low now as they ever will be. Not least because Estonian property prices have fallen 36% in the last year according to the latest index released by global estate agency Knight Frank.
Estonia was the hot market with overseas buyers between 2004 and 2006, at which point rising prices pushed it outside the reaches of its target market, with other markets (Albania, Ukraine) only too happy to fill the void. Now prices are back to what they were, we may well witness the continuation of this real revival in the Estonian market throughout 2010.
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