Commentary: The situation in the real estate is catastrophic

The fall in amount of transactions has been big, nearly catastrophic, real estate specialist Tõnu Toompark wrote in his commentary to

“In January only 591 apartment transactions were made, of which 251 were in Tallinn. That means 55 and 53 pct fall, respectively, compared to a year ago,” Toompark writes.

He said that the amount of transactions is more than twice below the forecast which was considered to be too pessimistic.

The average square meter price was EEK 11,284. That was slightly higher in Tallinn – EEK 16,615.

“The bear slide is respectively 31 and 30 pct compared to a year ago. When comparing the prices in January with the highest prices in March 2007 then the fall is 42 and 48 pct, respectively,” Toompark wrote.

The sad story is that the average price of a square meter has fallen 16 pct in Estonia and 13 pct in Tallinn in just a month. That is the greatest fall in prices Estonia has seen so far.

Artikli autor on Marge Tubalkain-Trell. Artikkel ilmus 18/02/2009 väljaandes

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