Disorientation in global economy to postpone Estonian housing market recovery

KV.ee’s special housing market index KV (Real Estate) Index is constantly falling for the 33 week. The value of the index is 90.5 points what makes an annual 14 pct fall, real estate specialist Tõnu Toompark writes in his blog.

KV.ee Index has been declining since April 2007 and reached the level of March 2006 by today. From the peak reached in April 2007 an index have fallen 16.7 pct.

Compared to the prices of actual real estate transactions (the decline about 25 pct) it should be mentioned that an offer prices have been falling relatively less. That means that the offer prices have enough room to fall further. As an affirmation of aforementioned the number of real estate transactions is declining.

According to Toompark the current disorientation in global economy will postpone the recovery in Estonian real estate even further than the forecasted next year’s fall.

Artikkel on 07/10/2008 ilmunud väljaandes Balticbusinessnews.com.

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