© DELFI / Karolina Pansevič

Property prices in Vilnius are still 38.7% below their pre-crisis peak before a housing bubble burst with the financial crisis, only Tallinn of the Baltic capitals has seen its prices recover to near pre-crisis levels.

Property prices in Estonia’s capital have recovered to 9% below their pre-crisis levels but in Riga property prices are still 58% below their peak.

Balsts real estate company chairman Aigars Zarins said the situation in Estonia was driven by several factors.

"There are several factors that are putting obstacles in the way of property market development – the demographic situation, business development is not promoted properly, and the situation is not favourable for foreign investments. The positive aspects are a small rise of average wage that had made financing from banks more accessible, and the program for young families with children, but these factors are insufficient to take Riga to the same level as neighbouring countries," said Zarins.

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