The Baltic Course: Real estate activity in Estonia was extraordinary in April 2008

In April 2008 there were 5,440 real estate transactions in Estonia carried out with the total value of five billion kroons, but in May 2008 the number of transactions fell back to the level of March and February, by a fifth.

The real estate activity in April could even be compared with the same month last year when the real estate bubble was at its most inflated. The number of transactions carried out in April last year was 5,881 and their total worth was 5.88 billion kroons, writes EPL Online/LETA.

“The surge in April was a little surprising for me as well,” said real estate consultant Tõnu Toompark. In his opinion it was simply a coincidence that many transactions happened to fall into April or a seasonal factor – people always buy and sell more real estate in spring and in autumn than in winter or in summer.

According to flash indicators from the Land Board, a total of 4,252 transactions were carried out in May in the total worth of 3.42 billion kroons while a year ago the number of transactions was 5,889 and the total worth of these was 6.18 billion kroons – hence the year-on-year decline in the number of transactions was 28% and the total worth was 45%.

Artikkel on avaldatud väljaandes “The Baltic Course“.

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