What to Expect from the Housing Market in 2015

Angelika Kallakmaa

ERES from European Real Estate Society (ERES)

Abstract: The Estonian housing market has a short, but already remarkable history with skyrocketing housing prices, a housing bust period and a slowdown in recent years. The rise in the Estonian housing market was mostly driven by consumers’ expectations and easy access to credit. Political decisions might have been made with the purpose of ensuring better access for households to the loan market, but at the same time not taking into account its impact on the real estate market. The article seeks to analyse the development of the housing market in Estonia, evaluate the current situation and predict potential development trends.The development of the housing market has been investigated from three main aspects. Firstly, the development and changes of economic environments are evaluated and links to the general development of the whole real estate market, especially of the housing market, are provided. Secondly, the demand within and factors influencing the housing market are analysed in greater detail. Thirdly, changes in regulatory framework are investigated.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2015-07-01
New Economics Papers: this item is included in nep-tra
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2015_198

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