More than half of experts expect Tallinn apartment prices to rise

More than half of property experts expect apartment prices in Tallinn to rise by up to 10 percent over the next 12 months, ERR reported, citing a survey by 1Partner Real Estate. The share of experts forecasting an increase has more than doubled from a year ago.

In the survey, 53 percent expected prices to rise, while 41 percent thought they would remain stable. Six percent forecast a decline.

At the same time, 44 percent of respondents expected the number of property transactions in Tallinn to increase over the coming year. Thirty-eight percent said transaction numbers would remain at their current level.

The survey, conducted in mid-September, received responses from 107 real estate agents, developers and other professionals working in Tallinn’s property sector.

“Three years ago, 50 percent of respondents thought prices would fall, two years ago 25 percent, and a year ago 10 percent. This year, only five percent of the whole group thought prices would fall. It shows that optimism has grown over the past three years,” said Tanel Tarum, a partner at 1Partner Real Estate.

Tarum said 44 percent of those surveyed also expected transaction numbers to rise, adding that the market appeared to be anticipating movement or signs of increased activity.