Analysts disagree over the future of Estonian housing market

Real estate experts Tõnu Toompark and Marek Vikat disagree whether people looking for a home should buy today or postpone the purchase decision.

Toompark told Äripäev that although housing prices are likely to keep falling for most of this year, the price of higher-quality real estate will not fall as quickly.

“I am convinced that it is a good time to buy a home, but buyers should consider well in advance what they can afford,” said the analyst.

According to Toompark, people focus too much on the price factor, but forget the emotional side of acquiring a home. “This is something that a real estate price does not reflect, but that are as important.”

On the other hand, Marek Vikat, investment project manager of ERI Kinnisvara, says that the market keeps falling and those considering purchase of a home should wait since they would benefit more by waiting.

“From the economic viewpoint it is not a good time to buy housing. I suggest people to rent housing and wait for prices to fall further. “Why pay a bank 8,000 kroons a month in bank loan if the same apartments can be leased for 5,000 kroons a month?”

Artikli autor on Toomas Hõbemägi. Artikkel ilmus 17/04/2008 väljaandes Balticbusinessnews.com.

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