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Restoring abandoned old houses: why now is the best time to buy

Promising areas for investment / Great deals / Hidden Heroes of Real Estate
27.12.2023
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Restoring abandoned old houses: why now is the best time to buy

The phenomenon of property devaluation, especially in suburban and rural areas, is becoming increasingly apparent. Owners are rushing to sell their assets, leading to a constant decrease in prices. According to real estate broker Igor Volkov, the number of property listings has slightly increased, but sellers are now much more open to price negotiations. As a result, numerous plots of land and old cottages are being sold at remarkably low prices.

The phenomenon of property depreciation

Currently, real estate such as land plots or old cottages is being sold at significantly reduced prices that were previously unimaginable," writes a broker from Goldgate OÜ.

The main reason for this trend is clear - the financial pressure on individuals has become so enormous that selling underutilized property at a symbolic price has become a more reasonable solution than struggling to repay loans.

Fewer buyers for real estate

Sellers understand that the pool of potential buyers is limited. Therefore, they are paying increased attention to potential buyers on Estonian property portals and carefully considering each offer. This change in the dynamics of the real estate market clearly demonstrates the economic pressure and sellers' adaptation to changing market conditions.

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