In Q3 2015, 9 769 transactions with housing were effected in Estonia. At the same time, 983 units of housing received permits for use. Assuming hypothetically that under the conditions of a stable market the number of transactions effected with housing is roughly the same as the number of units of housing completed, it may be said that 10% of all transactions with housing in Estonia are effected with new housing.
The above calculation methodology is far from perfect; however, its dynamic clearly shows change in the activity of the housing development market.
Currently, our situation with respect to greenfield developments is much better than in 2011 to 2013. That said, we are far from the levels at which property development could be seen in nearly all county centres and other more active areas of the market in 2005 to 2007.