Wells said the strength of the market is largely tied to the progress of the currently troubled economy, as foreign investors will be looking for signs of economic progress before reinvesting in the Baltics. In the meantime, he said that prices will continue to fall. “Prices are likely to continue to decline until the property ‘over-supply’ has depleted, financing becomes available, international buyers confidence returns or local buyers can support the market by increasing salaries, creating jobs, etc.,” said Wells.

He said that a lack of interest is likely to drive prices even lower into the New Year. “The New Year will be very quiet I am sure, things will be very slow and you will see some increasingly good offers from developers and private sellers alike,” he said.

Baltic Times (17th of December 2008)

With nearly a third fewer private properties being built this year as opposed to last, there is an undeniable sense of uncertainty from foreign buyers, which many attribute to the recession and credit crunch.

Yet Wells also acknowledges that economic factors play an important role. “Inflation is out of control, wages are low, banks are tight — there are quite a few reasons why an investor would no longer really be considering Estonia,” he said. But while economic recession and diminishing bank liquidity are certainly not encouraging prospective investors, this lack of enthusiasm could turn out to be a blessing in disguise, according to property experts."

Baltic Times (25th of September 2008)

There are clear signs that the months of carnage in the property market, which caused misery to home-owners and property speculators alike, may be ending. Although the situation is still dire, experts and property analysts say that they have seen signs of recovery in the past few weeks. “Very recently, in the last four to eight weeks, I have personally seen a change in climate. A few buyers are emerging from the woodwork,” said Carl Wells.

Baltic Times (23rd of April 2008)