TALLINN - Last year was a very challenging year for everyone directly or indirectly involved in real estate or the construction business. A great number of real estate companies reduced in Estonia their head count drastically or were forced to close operations. An overwhelming majority of construction projects were frozen.Banks were reluctant to finance both developers and property buyers, as they were focused on bad debt collection and restructuring. Some movement was observed, mostly on the residential rentals market, as renting was the only choice for the majority of property searc...
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