Homeowners on the Tallinn streets worst affected by last weekend’s floods should not be worried that the long-term value of their property will decline, real-estate analysts say.
In the coming months, those living in the streets near the Old City Harbor, where heavy rains on July 30 left cellars filled and cars submerged, won’t be able to sell at normal prices. However, experience shows that buyers will quickly forget about the next potential deluge, Postimees wrote.
Analyst Tõnu Toompark, a member of the board at the Association of Real Estate Companies, conceded that there would be a palpable effect on sales in the short term.
He and the association’s chairman Peep Sooman said that the length of time that a property is on the market will probably increase. “It means that […] some who wanted to buy a residence in that area will give up the thought,” said Toompark.
The insiders said that, in the long run, after the floods disappear from the headlines, any problems with selling in the area will also disappear.