OFFPLAN NEWS

(21.06.2007 )
Property in Estonia Property prices in Estonia tops all European

Prices of Property in Estonia rose by more than any other European country last year; the Royal Institution of Chartered Surveyors (Rics) has found. The Rics report on the European property market shows that Estonia house prices, especially apartments, rose by 28%, ahead of Denmark at 22%. By contrast UK property prices rose by just 2%, while prices in Germany actually dropped by 2%. The report suggests that prices in Northern Europe are now catching up with those in the Mediterranean.

What is going on? It is not just in the UK that home owners have seen their value of their homes shoot up. The whole of Europe has been going through a house price boom during the past seven years and Rics predicts that this will continue in 2006.

Estonia and neighbouring Denmark said the changing nature of the mortgage market has given a boost to prices. Previously people took out home loans for between 20 and 30 years, often at fixed rates. Now the mortgage market is looking more like that of the UK. Increasingly residents can take out mortgages where the interest rate varies annually, or where only interest is payable each year. That means would-be home owners can borrow more money than before and at cheaper rates too, thus driving up prices. In Estonia, a country with just 1.3 million people and a small property market, the big influence has been overseas buyers. "A few hundred overseas investors have had a big impact on a small market, mainly in apartments" said the author of the Rics report, Professor Michael Ball of Reading University.

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