The primary market in Tallinn gets out of control

Nov. 7, 2014

The primary market in Tallinn gets out of control

The real estate market in Tallinn has seen a construction boom; competition increases, and prices for new buildings will be located at the same level for at least a year. Peep Sooman, member of the board of Pindi Kinnisvara, said thath in early 2014 there were 94 new residential projects, but now – 135. In addition, another 47 apartment complexes are being built now, ee24.com informs citing baltic-course.com.

"We do not believe there will be enough clients for all developers, especially in those areas where 5-6 companies build new homes in radius of one kilometer", Peep Sooman said. An example of "overheated zone" was named Kadaka tee (street) that runs through the Tallinn's districts of Lilleküla, Kadaka, Mustamäe and Astangu.

According to Sooman, primary market in Tallinn went out of control, as evidenced by the large number of high-rise buildingsm, and in spring 2015 developers will fight for customers.