For the past year and a half, construction prices in Estonia have not increased. This is due to the weak performance of the construction sector. Government real estate projects have turned out to be cheaper than expected. For example, the new headquarters of the Ministry of Climate costs three million euros.
Usually, it is expected that everything will become more expensive. This time, it was the opposite. One reason was a contract that included a construction price index. This index was used in the construction of a wooden house. It yielded good results, said Minister Andres Sutt.
A representative of Nordecon said that construction volumes have decreased, but the market has stabilized. Private clients are trying to match demand and move projects forward. There is a little optimism.
Bonava, a residential property developer, said that construction companies are trying to raise prices. But there are not too many job opportunities. Prices will remain stable where they are now.
Participants in the construction market do not expect a significant price increase or an increase in workload in the near future.