Analyst: housing prices are melting in summer

Estonian real estate analyst Tõnu Toompark says that housing prices have fallen 12 percent this year.

Toompark who rans KV.EE, a real estate portal that tracks real estate prices, estimates that housing prices have fallen 12 percent to the level of September 2006.

During the year, the KV.EE Index has fallen from 107.2 points to 94.8 points.

The official figures from the Land Board show that prices have fallen 9 percent during the same period.

According to KV.EE, average housing price was 19,492 kroons. The number of vacant housing space has increased from 15,436 properties to 22,409 properties or 45 percent.

New offers are arriving on the market mainly by people who have been hoping that prices start growing and now have lost hope.

Artikkel on ilmunud 02/08/2008 väljaandes

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