Narva, which used to have the cheapest district heating prices in Estonia, has seen the cost rise threefold in the past few years, with another new price increase due to take effect from April 1. According to the local electricity network provider, three years ago Narva had approximately 1,000 apartments for which electricity consumption was almost at zero. Many of these properties are now being put on the market.

"The supply has increased around three-fold. People who were saving the apartments for themselves or for their children have now put them up for sale," said Sergei Gorlatš, head of real estate company Trianon.

According to Gorlatš, a lot of apartments in the city were put up for sale in the fall, just before the rise in district heating prices. This means there are now a large number of unrenovated apartments on the market, which nobody wants to buy.

"Buyers are taking a look around the secondary market, and they are looking for a very long time. They're taking a really long time to make a decision. A lot of apartments remain for sale," said Gorlatš.

Vadim Senitšenkov, head of real estate company Arco Vara Narva, said he was not overly concerned about the high number of properties on the market. In his view, the greater problem is a lack of interest among buyers.

"The first quarter of this year is historically the lowest in terms of market activity. It directly relates to people's confidence. People's confidence is at a historically low level and they don't know what tomorrow will bring," Senitšenkov, said.

However, Senitšenkov told ERR he believes the worst seems to be over and it is unlikely all the empty apartments in Narva will be put up for sale at once.

"These empty apartments are instead most likely being held back, with people who are used to seeing higher prices and have not had time to sell or get rid of their apartment just waiting," Senitšenkov, explained.

There are currently almost 600 apartments currently for sale in Narva, which is a record high for recent years.

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