The number of transactions taking place in the Estonian property market rose substantially throughout 2013, according to the latest report released by Statistics Estonia. RTT News reports that the official body discovered sales and purchases of homes across the country were boosted by apartments rather than houses as people looked for different kinds of property throughout the year. These accounted for more than half of the transactions, the report from Statistics Estonia concluded.
It stated that throughout 2013, overall transaction levels were 15 per cent higher than they were just a year before, with the market starting to return to health following the European and global financial troubles that caused it to slow during the five years prior. In total, there were some 41,650 sales throughout the year, with more than 20,000 of these being apartments.
Statistics Estonia said that the number of properties sold in 2013 was at its highest at any time since the financial downturn. However, sales volumes still remain a full 30 per cent below the peak levels seen throughout the strongest year in 2006.
As well as a rise in the number of transactions taking place, the value of these also rose throughout the same period. The report shows that the overall transactions were worth some €2 billion (£1.64 billion). This was 18 per cent higher than in 2012. The average property was sold for €48,900, which marked a two per cent rise when compared to the same time a year earlier. " People's growing confidence, low interest rates and the gradual addition of new developments have kept the real estate market active, " Statistics Estonia said.
Prices are expected to continue to rise throughout the rest of this year as well, as the market keeps on track with its recovery, which has been in place ever since prices bottomed out in 2010. Prior to this, quarterly surges in property prices had been experienced for a sustained period, and this led to something of a property bubble which severely damaged Estonian real estate.
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