Rising interest rates are expected to push up average mortgage payments in Estonia by up to 45% this year, taking hundreds of euros out of families’ pockets each month.
For Estonians, home ownership is sacred as this comparative map of European home ownerships shows. This attitude has been reinforced by years of sub-zero interest rates and booming real estate prices, which have fuelled fears of missing out on the opportunity to buy property at an affordable price.
With inflation at record highs and utility costs skyrocketing, people remember the 2008 financial crisis, when many lost their homes, are coming back.
