Analysts: brace for higher interest rates
Estonians who have borrowed from banks will soon have to repay considerably more in interest since euribor rate is expected to grow rapidly in near future, writes Äripäev. Tõnu Palk, chief economist of Nordea Pank, said that the whole eurozone area has been shocked by such rapid growth in food and energy prices. “The rapid [...]
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 [...]
Analysts: real estate market is slowly coming to life
Most real estate professionals agree that the market has hit the bottom and there are first signs of new life, writes Äripäev. Also Jaanus Laugus, CEO of Uus Maa Kinnisvara, said that foreign investors are starting to take an interest in buying property in Estonia again. “There are small investors who sell their apartment in [...]
Estonians face a sharp increase in land tax
The ruling coalition has no option, but to start re-valuation of land that could double or triple land tax, writes Äripäev. The only hope is that since the idea of re-value the land is supported only by Social Democrats, but opposed by Reform Party and IRL, the latter two parties will do nothing to anger [...]
