18 billion kroons worth of real estate changed hands
The amount of real estate transactions totalled 18 billion kroons in 2009 which is about half of what it was in 2008 and four times less than what it was in 2006, says Tõnu Toompark who follows real estate statistics. 26,550 real estate sales and purchase transactions were concldued in 2009. This is 23% less [...]
Real estate expert: foreclosed homes bought by speculators
Estonian real estate expert Tõnu Toompark writes in Pealinn that homes sold by people who have developed financial problems are often acquired by speculators. According to Toompark, most houses and apartments foreclosed by banks for loan defaults are not sold in actual auctions, but end up in the ownership of so-called real estate sharks. “Speculators [...]
Real estate market 2009: common sense
This year was a turning point on the Estonian real estate market. Those who survived 2009 on the real estate market got a very expensive lesson that highlighted the need for common sense, writes real estate analyst Tõnu Toompark. Negative factors in 2009: 1) high unemployment and related low consumer confidence 2) outstanding balance and [...]
