According to Uus Maa board member Igor Khabala, rental prices for apartments in Tallinn have increased by five to ten percent in recent months, and the price increase will likely continue. :format(webp)/nginx/o/2021/09/19/14079656t1hff4e.jpg)
The owner of the rented apartment has the right to choose. Photo illustrative. Photo: Shutterstock PM Majandus August 15, 2024, 16:15
According to Uus Maa board member Igor Khabala, rental prices for apartments in Tallinn have increased by five to ten percent in recent months, andthe price increase will likely continue .
"In winter and spring, there were more than a quarter more rental offers than there are now. Tourism was weak, and the number of foreign students and Ukrainians, who used to actively influence the rental market, decreased. Because of this, there were more offers on the market, demand was low, and rental prices generally decreased," said Khabal. He also added that with the onset of summer, the situation completely changed.
"The real estate sales market remains sluggish as people prefer to wait for more stable economic forecasts and lower interest rates. Therefore, they are temporarily choosing to rent. Few new rental apartments are coming to the market, and even those that were available earlier are gradually disappearing. Investing in the construction of new rental apartments is currently unprofitable, so their number is decreasing," the expert explained.
