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Muckraker: The share of vacant offices is rising, rental houses are going infashion

Маклер: доля пустующих офисов растет, арендные дома входят в моду

What will be with price for apartments in 2025 year? The Real Estate market is on the borderline of rising or decline? Why do Finns and Russians actively get rid of

housing in Estonia?

  • Buyers are expecting reductions in Euribor
  • Banks are competing to offer benefits
  • Banks are competing to offer benefits
  • The rental market is fiercely competitive

What will be with price for apartments in 2025 year? Is the real estate market on the borderline of rising

or falling? Why are Finns and Russians actively getting rid of housing in Estonia?

The questions Rus.Postimees answered in direct air senior macler of real estate Arco Vara Lia Koreline

Excerpts from theconversation:

– In January in the market, after the introduction of the payment for the registration ofacar, the expected collapse of sales occurred. And how are doing in the real estate market?

– The past year was relatively stable. December was the exception, the real estate market was excited. The prospect of a reduction in Euribor rates appears to have given buyers boldness. Buyers were buying apartments in the secondary market, homes and great houses.

The December activity affected and that fact, that buyers were afraid of increased notary and other accompanying purchase of real estate costs and tried to close deals before the end of the year.

And in the last quarter of 2024 year the banks offered very favorable conditions, in some cases financed appraisal acts and paid notarial expenses. Banks actually competed between themselves in offering benefits.

As for real estate prices, they were a year ago they wereSome even expected prices to collapse, but that didn’t happen. Prices stabilized over the year and are still at the levels of the early year.

As for buyers, they are in a mode of expecting further declines in Euribor, and banks are allowing this development of events.

– – According to statistics, in the past year Finns and Russians actively disposed of real estate in Estonia. What is the reason?

– When it comes to Russians, it is all obvious. The political situation, as a result of which people simply cannot come to Estonia, where they have apartments and houses.

Russians are being forced to sell their real estate despite the difficulties in processing their powers of attorney and transferring money.

Finns are concerned that Estonia has increasing prices and taxes. As a result, they are no longer interested in spending a large part of their time here.

And If in the past many were renting their apartments, now the situation has changed. The rental market has cooled. Tallinn and Tartu remain exceptions from the rules, in the bigger cities the price for rent has even slightly increased.

In the rental housing market in competition with participants have included real estate funds which are constructing multifamily rental houses.

The new rental housing has been satisfying to our residents. The more than a number of companies are leasing such apartments without mortgage and intermediary payments, offering and other benefits, and also getting strong legal agreements. I believe that demand for rental apartments will continue to increase.

– How is the new tax on the turnover in the tax in the turnover in the24%, which will become in force on July>1 July>2025 will affect the real estate market?

– – If taxes are raised on building materials, labor power and others, then prices are supposedly will go up. It is already clear that apartments in new buildings will rise in price.

The ultimate value of new apartments which are already sold at cosmic price, will depend on the boldness of the developers. The more so, that they know how to well advertise new housing, attracting more buyers.

In the secondary housing market, prices are likely to rise by the end of 2025 year.

A fragment of a conversation recorded after the broadcast:

– What is the situation with office buildings?

– – Now there are many new modern office buildings. But often businesses can’t move into them, so they have no opportunity to get from the old space. It’s hard to sell, to rent or sublease, because they have high communal bills, old ventilation and etc.etc.

For examples far from going to not necessary. All of Rävala street in the center of Tallinn is built with such offices, which in the future will be stagnant.

Now today there is an overabundance of commercial

real estate. Demand for office space is decreasing, as companies continue to close and many firms

practice remote work.

For more in the repeat!”

Studio Postimees: what will the real estate market in 2025 year? Studio Postimees: what will the real estate market in 2025 year?2025 year? Photo: Sander Ilvest

  • How are things doing in the real estate market ? Was the December surge followed by the January collapse?
  • In the past year Finns and Russians actively disposed of real estate in Estonia. Will this trend continue?
  • How will the yearly increase therate oftaxonturnoverto 24% affectthereal estatemarket?
  • IsthereductionofEuriboraffectingthesalesvolume? 
  • Whatis happeningin theprimarymarket?
  • Whatchangesarenoticedinthesecondarymarket?
  • Willtherentalbusiness continue to dry up?

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