{"id":10721,"date":"2025-03-05T12:29:28","date_gmt":"2025-03-05T12:29:28","guid":{"rendered":"https:\/\/everaus.ee\/the-states-plan-to-build-new-apartments-with-subsidies-raises-skepticism\/"},"modified":"2025-04-11T06:53:45","modified_gmt":"2025-04-11T06:53:45","slug":"the-states-plan-to-build-new-apartments-with-subsidies-raises-skepticism","status":"publish","type":"post","link":"https:\/\/everaus.ee\/en\/the-states-plan-to-build-new-apartments-with-subsidies-raises-skepticism\/","title":{"rendered":"The state’s plan to build new apartments with subsidies raises skepticism"},"content":{"rendered":"

Entrepreneurs doubt the ministry can attract developers to Ida-Viru County with bonuses of just a few hundred thousand euros.<\/strong> Moreover, some see that instead of opting for simpler solutions, the state might actually be creating a market distortion.<\/p>\n

“The state clearly doesn\u2019t know what else to do with its money, so it might as well spend it,”<\/em> criticized real estate analyst T\u00f5nu Toompark. “I find it hard to believe the state has the capacity to turn the market in a new direction like this.”<\/em><\/p>\n

Confidence was also lacking in the words of Janar Muttik, CEO of Everaus Kinnisvara. “We have considered looking toward that area (Ida-Viru County \u2013 ed.), and we\u2019ve done the calculations, but even if the land were given to us for free, the numbers still didn\u2019t add up in Excel,”<\/em> Muttik said.<\/p>\n

Nevertheless, the Ministry of Regional Affairs and Agriculture hopes to revive the real estate market in Ida-Viru with a pilot project that includes subsidies to mitigate the risks for apartment developers. “To ensure people remain and move to areas beyond the growth regions of Tallinn and Tartu, we must provide modern housing,”<\/em> the ministry stressed in a press release.<\/p>\n

The Forgotten Market of Real Estate<\/strong><\/h3>\n

No one denies the problem. Toompark agreed that the housing market in Ida-Viru has long been neglected. On the one hand, property prices have grown the slowest in the region. While that could be seen as a positive\u2014housing remains affordable for residents\u2014low prices also discourage new apartment development, he noted.<\/p>\n

This same issue was pointed out by Minister of Regional Affairs and Agriculture, Piret Hartman. “Another challenge is that developers have difficulty obtaining bank loans for real estate projects. That\u2019s why we\u2019ve agreed with the Ida-Viru County Association of Municipalities that the state will step in with support measures to help fund the first new apartment buildings in the region,”<\/em> she added.<\/p>\n

\n

Read more here<\/strong><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Entrepreneurs doubt that the ministry will be able to attract developers to Ida-Viru County with a bonus. Additionally, there is concern that instead of choosing simpler solutions, the state may end up creating a market distortion. Janar Muttik, CEO of Everaus Kinnisvara, also questions whether the \u20ac300,000 subsidy would actually cover the potential risks and provide developers with hope of making a profit.<\/p>\n","protected":false},"author":16,"featured_media":9682,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-10721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nThe state's plan to build new apartments with subsidies raises skepticism – Everaus Kinnisvara<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/everaus.ee\/en\/the-states-plan-to-build-new-apartments-with-subsidies-raises-skepticism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The state's plan to build new apartments with subsidies raises skepticism – Everaus Kinnisvara\" \/>\n<meta property=\"og:description\" content=\"Entrepreneurs doubt that the ministry will be able to attract developers to Ida-Viru County with a bonus. Additionally, there is concern that instead of choosing simpler solutions, the state may end up creating a market distortion. 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