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Estonian commercial property market has bottomed-out
Estonian commercial property market has bottomed-out
June 09, 2010National commercial real estate prices increase against the background of local economy’s recovery and entry into euro zone scheduled for 2011.
According to Viljar Arakas, CEO, EfTEN Capital AS, office vacancy rates in Tallinn, which currently range from 15% to 20%, are forecasted to decrease by the second half of this year.
Expert claims that even despite the euro zone entry, the return of pre-crisis boom on Estonian commercial property is not expected to happen, because of heavy private-sector indebtedness, banks’ cautious lending policies and a weak labor market, Business Week writes.
The following trends were observed on Tallinn’s residential property market in May: average cost of apartment transactions has increased by 11%, compared to April, up to 870 thousand euro (€51.1 thousand). Analysts attribute this to increased demand for more expensive properties. Overall number of transactions has slightly climbed up over the specified period.
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