Overview of the housing market of Tallinn at III Quarter 2010

28.10.2010 14:43
Real Estate Market Analysis | Overview of the housing market of Tallinn at III Quarter 2010 In July-September at the residential property market enlivened, reflected in increasing sales. Compared with the same period last year this figure rose by about a third.

In III quarter of the cost of housing in Tallinn remained generally stable. Most transactions took place at a price of ? 1150-1600 per sq. m - the apartments in new or completely renovated buildings. In the Old City the average cost of purchased objects ranged from ? 1540-2240 per sq. m, according to a study by Ober-Haus.

In areas distant from the center of the most popular were one-and two-bedroom apartments (? 640-830 per sqm. M), on the outskirts of Tallinn, the cost per square meter is ? 380-510 per sqm. m

High demand was offered for rent. Prices are for the II quarter climbed 10%, while the number of offerings on the market decreased by 30%. Key tenants are foreign diplomatic personnel and businessmen. Monthly rental price ranged from ? 3-5 per square. m in the outermost regions to ? 6 per square meter. m in the Old City. The most popular are apartments with one or two rooms for ? 160-320 per month, preferably - to the presence of a parking space.

The number of sales of private detached houses in Tallinn and its suburbs has increased in the III quarter by 10% the previous quarter, reaching 320 objects. The main part of the deal was struck with objects at the cost of ? 95-150 thousand

Analysts attribute the growth of consumer activity as the restoration of the property market as a whole, and the influx of foreigners wishing to purchase items in the capital of Estonia. Among the latter increased by 50% compared to last spring.

As for Russians, one of their main objectives of the Estonian real estate purchase is the ability to obtain a Schengen visa which entitles you to move freely across most European countries. This is especially true of inexpensive objects. Recently, Elder Ida-Viru County Riho Breyvel expressed dissatisfaction with Russian citizens, who, in his opinion, buying up cheap housing for visas and for utilities do not pay. However, according to realtors, the blame for this is not always based on our fellow countrymen.
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