Real estate transactions up 25% year on year
04.12.2009, 10:21The number of real estate transactions in November was 25% higher than a year earlier.
Mika Sucksdorff, CEO of real estate company Uus Maa Kinnisvarabüroo, writes in Äripäev that in October, year on year growth in real estate transactions in Harjumaa county that includes Tallinn was 1.2%. In both October and November, more than 1,000 transactions were made in both months, according to data of the Land Board.
Prices of transactions were up 1.92% in October from September, but 35% lower than a year earlier.
According to Sucksdorff, sellers still tend to ask higher prices for their property than real transaction prices and there are many overpriced properties on sale.
On the upside, practically all banks in Estonia have become more active on the market and launched their new loan campaigns.
As the growth in the number of transactions indicate, people seem to have overcome the extreme pessimism and are now realistically looking at real estate, says Sucksdorff.