Nearly 500 apartments are currently for sale in Narva, according to online real estate portals. The latest boom has occurred over the past eight months, and the number of apartments on the market right now has increased by at least a quarter on year.

Real estate agents point to the overall worsening of quality of life in Narva as the cause, particularly the doubling of the price of district heating and the lack of future prospects.

People are leaving Narva, Trianon Group real estate sales manager Sergei Gorlatš confirmed to ERR.

"There are fewer jobs in Narva, or wages are lower," Gorlatš explained. "These people try to find work in Tallinn. Some people are considering moving to Scandinavian countries or elsewhere in Europe. And some people are considering moving to Russia, as Estonia's education system will begin operating [fully] in Estonian this year."

Vadim Senitšenkov, director of real estate agency Arco Vara's Narva office, noted that a lot of apartments owned by Russian residents have come on the market as well, but believes that the problem isn't too many apartments on the market; it's lack of demand.

"Not many transactions are happening," Senitšenkov said. "It's about consumer confidence. People lack confidence, especially here in Narva, about what's going to happen next, both in macroeconomic terms and geopolitically. People are afraid to invest in their future right now – end of story."

Even so, brokers agree that the increase in listings has brought down the market price of unrenovated apartments, however apartments in good condition in Narva remain in demand.

"Well renovated apartments, their asking prices aren't changing," Gorlatš highlighted. "Perhaps on the contrary, they may go up."

Senitšenkov agreed that the state of real estate offers is more diverse.

"Now those apartments that half a year ago were impossible to find or even look for are available as well," he said. "Like renovated apartments in good condition on middle floors. In other words, offerings have improved significantly. Specialists are still coming to Narva, and they're looking for these good apartments."

Gorlatš nonetheless believes oversupply has clearly had a negative impact on the local market, and Narva may be facing a repeat scenario of emptying and abandoned apartment buildings.

Senitšenkov, however, says that no such developments are expected in Narva anytime soon.

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