Estonians' Interest in Summer Houses Remains High: Supply of Offerings Increased by 11%
Statistics from the Kinnisvara24 portal show that this spring, the supply of summer cottages is a tenth more compared to last year. The explosive interest in a second home away from the hustle and bustle of the city that grew during the coronavirus pandemic has also not waned, and Estonians continue to want to invest in summer cottages.
"The summer cottage market shows clear signs of seasonality, but interest in them persists year-round," noted Kinnisvara24 CEO Urmas Uibomäe.
In mid-March, there were 223 summer cottages for sale on the Kinnisvara24 portal across Estonia. The statistics show that most listings are in Harju County (68), followed by Ida-Virumaa (37) and Pärnu County (35). Particularly significant growth has occurred in Pärnu County, where the number of listings has increased by 45% year-over-year.
According to Uibomäe, people call very different types of real estate summer cottages – both traditional cottages from the Soviet period, old farm buildings, and increasingly popular tiny houses built in scenic natural surroundings. "More important than the name, however, is that the summer home meets the expectations of the people who come there to relax," he added. A large portion of the summer cottages for sale need either refreshing or major renovation, but there are also completely new and well-maintained properties available on the market.
According to Henel Aava, an LVM Kinnisvara real estate agent, the number of people interested in buying a summer cottage is comparable to previous years. Prices have also remained more or less at the same level as last year. Based on transactions, the most popular summer cottages are in the 60,000-80,000 euro price range.
"For 80,000 euros you can find a summer cottage that you can move into immediately and start relaxing. Of course, the price also depends on the size and location of the cottage," she added. On the Kinnisvara24 real estate portal, for example, a three-room summer cottage in the popular summer resort area of Võsu is being sought for 135,000 euros.
According to Aava, larger summer cottages are often bought by young families to convert them into their first year-round residence. This is the most affordable way for them to purchase a private home. "On the other hand, middle-aged people are primarily looking for a summer cottage as a change of scenery where they can spend their summer holidays and long weekends," noted Aava.
In the Tallinn area, the most popular summer cottage areas have become Laulasmaa and Aespa, while for example in Klooga, summer cottages are bought mainly to be converted for year-round living. Many look for a summer cottage near a body of water, but this is not important for everyone. "People value the opportunity to get away from the hustle and bustle of the city and get their hands dirty in their garden. Summer cottages provide a great opportunity for that," said Uibomäe.
