Estonian housing market: affordability problem and regulatory framework
By Angelika Kallakmaa‐Kapsta and Ene Kolbre. Published in International Journal of Housing Markets and Analysis on 31 May 2013
Full version of this paper is behind a paywall: https://doi.org/10.1108/IJHMA-12-2011-0058
The study was trying to find out how to evaluate the affordability of housing in the Estonian market and to assess the regulatory framework decisions' impact on the housing market in Estonia.
Results: "Calculations show that there is an affordability problem, and political decisions have helped to make housing loans affordable for households, but at the same time the high debt burden has weakened households' financial position."
Moreover, the study brings up an interesting element linked to the methodology of research and its limitations - it would have been possible to research the market using the databases of credit institutions, but the given data is under the protection of banking confidentiality.
Keywords: Estonia, housing market, affordability, regulation, financialisation, real estate, debt burden, right to housing, rental housing, housing loans