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International Internet Magazine. Baltic States news & analytics Saturday, 28.11.2020, 03:51

Russians bought by almost a third less real estate in Tallinn in 2014

BC, Tallinn, 04.03.2015.Print version
The volume of real estate transactions conducted in 2014 by Russian citizens in Estonia's capital Tallinn fell by 29% as compared to the previous year, while the volume of transactions conducted by Ukrainians rose six times, LETA/ reports.

The volume of real estate transactions conducted by foreigners was last year 27 million euros, at the same level as in 2013, real estate company 1Partner analyses Land Board statistics.


The real estate company's managing director Martin Vahter said that the fall of the purchasing power of Russians and the Russian rouble has a clear impact on the private sector. "The decline affects more private individuals who purchase individual items. Corporations and big investors have not disappeared, they are looking for safe places where to invest money," said Vahter.


Vahter said that figures show that Ukrainians are fleeing from the war to Estonia too. While in 2013, Ukrainians bought property in Tallinn for 273,000 euros, a year later for 1.7 million euros.


The volume of transactions by Russians fell from 8.75 million to 6.25 million euros in a year.


The volume of real estate transactions by Finns grew by 16% to 9.44 million euros. "Finns are looking for a place to invest in and make more money than at the domestic market. For Finns, the Swedish real estate market has low liquidity and Latvia is too far away, so they like Estonia and mainly Tallinn," said Vahter.


Last year, a significant growth in the volume of transactions was posted by the citizens of the United Kingdom – from 727,000 to 1.7 million euros.


In 2014, citizens of 31 foreign countries acquired property in Tallinn.

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