Baltic States – CIS, Estonia, Investments, Real Estate

International Internet Magazine. Baltic States news & analytics Wednesday, 22.09.2021, 03:02

Interest of foreigners towards real estate in Tallinn falls; Russians still active

BC, Riga, 03.09.2013.Print version
The number of foreigners buying real estate in Estonia's capital Tallinn has fallen year after year although Russians are still active, LETA/Public Broadcasting reports.

The Pindi Kinnisvara real estate company noted that while in 2010, foreigners formed 13.4% of all real estate buyers in Tallinn, in 2011 the share was 12% and in 2012 it was 11.8%.


In the first eight months of this year, the share is just 10.1%.


Pindi Kinnisvara board member Peep Sooman said that real estate in Tallinn becoming more expensive as well as economic problems in Finland have played a big part in this trend. "The investors there don’t dare to invest money abroad at a time that is already difficult," he explained.


"Russians from Russia continue to be active though, for whom Estonia is a window to Europe on the one hand, on the other hand, the real estate objects in Tallinn are ridiculously cheap as compared to Russia's big cities."


Russians continue to actively buy real estate in the North East Estonian Ida-Virumaa region where a whole third of purchases are conducted by foreigners.

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