"Things are not good and nothing good can come from here. In Latvia a boom is warming up, Vilnius is full of cranes. Estonia is at the top of a boom. Latvia is in a slump today and nothing is happening there," Kase said at a real estate conference organized by the Association of Real Estate Companies of Estonia.
Kase said that in his opinion there is no point in buying real estate on the Estonian market. "Why buy in Estonia when Vilnius and Riga are rising. One does not buy at the top," he said. Kask added that he himself is also not buying in Estonia at the moment and is instead selling all of his Estonian properties as he is very pessimistic about the Estonian market.
At the same time real estate in Estonia is reasonable from the viewpoint of investments made with a longer perspective in mind, Kase said.
According to Kase the most promising is the Lithuanian market at the moment. "Estonians who went to Lithuania three-four years ago are doing well. Latvia is in a slump and nothing is happening there," Kase said. He stressed that the Lithuanian market is large, but in Latvia the whole market has focused to Riga. "In Estonia the market is more balanced, while in Latvia nothing is happening besides Riga," he added.
Kase said that the Baltic market is constantly changing. "At present it is reasonable for companies to create a back-office in Vilnius, especially when it comes to IT, but it will change at one point," he added.
