Real Estate & Economic News in Estonia from Propertyshowrooms.com

Real estate transactions rise in Estonia

Thu, 16 Feb 2012 00:00:00 GMT

There was an increase in the volume of property sales completed in Estonia during 2011.

According to figures published by Statistics Estonia, the number of transactions in the country's real estate market climbed by three per cent compared to 2010.

Meanwhile, the average value of a residential property in Estonia was up by one-fifth in the same period and now stands at €47,528 (£39,808).

The organisation pointed out real estate assets located in the northern regions of the nation experienced the biggest price rises, jumping by 32 per cent during 2011.

In central Estonia, the cost of buying a home was up by 14 per cent, while increases of eight per cent and one per cent were recorded for the north-eastern and western areas of the country respectively.

The Knight Frank Global House Price Index for the third quarter of 2011 revealed the value of residential property in the nation rose by 14.3 per cent compared to the same period in 2010, while a quarterly hike of three per cent was also experienced.

Estonia house price climbs 'biggest in Europe'

Thu, 8 Dec 2011 00:00:00 GMT

The rate at which the value of properties in Estonia has risen is faster than anywhere else in Europe, it has been revealed.

According to the latest Knight Frank Global House Price Index for the third quarter of 2011, the cost of buying a home in the nation has increased by 14.3 per cent since the same period in 2010.

Meanwhile, residential real estate values climbed by three per cent between the second quarter of this year and the three months from July to September.

Estonia ranked second globally for its annual house price growth, with only Hong Kong performing better.

The capital Tallinn was highlighted as one of the top property markets in the world recently in the Global Property Guide house price index.

Values here rose by 2.71 per cent between the second and third quarters of 2011, the data found, although the publication revealed the cost of purchasing a home in the city fell marginally compared to a year earlier.

Estonia property finishes 2010 strongly

Wed, 19 Jan 2011 00:00:00 GMT

Residential property prices in Baltic cities finished the year relatively stable, new figures have shown.

The latest Ober-Haus Real Estate Advisors statistics show that apartment prices in eastern European states are climbing, although they remain well below their 2007 peak.

Indeed, in the Estonian city of Tallin prices have climbed by 7.9 per cent year-on-year compared to December 2009.

Added to this, transaction levels in the city have soared, with 22 per cent more purchases registered, those interested in buying property in Estonia may be interested to learn.

Meanwhile, elsewhere in the country, the price of apartments in Riga have increased by 5.1 per cent over the past 12 months, but prices are considerably lower - by around 60 per cent - from the peak of the market in 2007.

Activity in residential districts was poor due to the holiday season over Christmas and New Year and uncertainty about real estate prices in 2011, the Ober-Haus report added. But there is still a lot of interest in exclusive city centre developments where most buyers are from overseas.

Estonia set for Euro entry in 2011

Mon, 5 Apr 2010 00:00:00 GMT

Estonia has revealed its desire to adopt the European currency by the beginning of next year, it has been announced.

According to the International Monetary Fund, the destination is on target for euro entry thanks to a budget deficit of 1.7 per cent - below the three per cent stipulated by the euro zone.

Potential property investors in the region may be interested in the news which will see the Estonian economy bolstered following its fall into recession.

Reuters reported that Christoph Rosenberg, head of the IMF's regional office for central Europe and the Baltics, had revealed that so far the country had fulfilled all the necessary requirements for entry into the Eurozone.

Before it adopts the new currency next year, Estonia must first seek approval from the European Commission.

Swedbank has claimed that numerous real estate developers are launching residential projects in the country thanks to a combination of market stabilisation and low costs.

In addition, the organisation stated its belief that property prices in the country had reached their lowest point and would not fall any further.

Estonian property 'seeing recovery'

Mon, 21 Dec 2009 00:00:00 GMT

Estonia's property market is seeing a sudden major recovery, it has been claimed.

According to comments in an Estonian magazine by the chief executive of real estate company Uus Maa Kinnisvaraburoo, Mika Sucksdorff, home sales saw a sudden year-on-year jump of 25 per cent in the 12 months to November 2009, Property Abroad notes.

The portal suggested that as the increase only stood at 1.2 per cent in the year to October, if Ms Sucksdorff's comments are true the situation may well be a result of a rise in foreign investment prompted by growing expectations that Estonia will soon join the eurozone.

It cited as evidence for this the fact that the October increase was concentrated wholly on the capital city, Tallinn.

Those buying in Estonia may be doing so on the basis that prices will not get any lower than they are now as monetary change approaches.

In an article for the New York Times this week, Reuters columnist Paul Taylor claimed that Estonia will be the first Baltic country to join the euro, leaving Latvia and Lithuania waiting for their turn.

Estonia tipped for strong recovery

Wed, 15 Jul 2009 00:00:00 GMT

Estonia's economy has been tipped to recover very strongly, something that may interest property investors looking at the country.

Chief executive of the Oxford Sustainable Group Hadley Barrett said the Baltic nation has the right government and economic system to make it a good bet for investors this year, Investment Week reports.

He pointed to the lack of a debt overhang in the country as a reason it will do well, commenting: "Estonia is the most investible European country with no debt and therefore expects a stronger GDP [gross domestic product] growth than its peers as we come out of the recession."

Such considerations may interest those specifically looking to buy residential property, as this market could be boosted by a wider economic renaissance.

Another reason investors might be tempted by Estonia is its prospective eurozone membership.

In an interview this week with Reuters, prime minister Andrus Ansip said the government is determined to stay on course to meet the necessary economic criteria to adopt the currency in 2011.

Swedbank Baltic CEO: Estonia might bankrupt

Thu, 29 Jan 2009 00:00:00 GMT

Erkki Raasuke, the Swedbank Baltic CEO warned that if the state cannot do necessary cuts we’ll go bankrupt, Eesti Päevaleht writes...

Estonian real estate developer Onix Invest in debts

Tue, 27 Jan 2009 00:00:00 GMT

Real estate developer Onix Invest, which belongs to Kalmer Kriisa and Raoul Juhanson, has debts to the state and the banks, Äripäev writes...

The value of real estate transactions down by 45 pct in the Q4 yoy

Wed, 21 Jan 2009 00:00:00 GMT

In the Q4 of 2008 the value of real estate transactions was EEK 7.681 bln, which is 45 pct less than in the Q4 of 2004, when the value of real estate transactions amounted to EEK 14.048 bln, ehitusuudised.net reports...

Estonia is on 13th place for economic freedom

Wed, 14 Jan 2009 00:00:00 GMT

Estonia got 13th place in the world ranking amond 183 countries and 6th ranking in Europe's economic freedom in the chart 2009 Index of Economic freedom...

IMF: Estonia is in the best condition among Baltics

Mon, 12 Jan 2009 00:00:00 GMT

For the reserves Estonia has, it is in the best condition among Baltic countries, Christoph Rosenberg, head of the International Monetary Fund’s mission to central Europe, said, arileht.ee writes...

Avaron established new investment fund

Mon, 12 Jan 2009 00:00:00 GMT

The fund governor Avaron established new flexible investment fund Avaron’s Private Portfolio that may invest into different asset classes, aripaev.ee reports...

Estonian analysts expect the economy to shrink 4.5 percent in 2009

Mon, 5 Jan 2009 00:00:00 GMT

Estonia’s leading analysts expect the average economic decline to be 4.48 percent this year, writes Postimees...

Residents determined to block a huge wind power park on Hiiumaa

Mon, 5 Jan 2009 00:00:00 GMT

Residents of the Hiiumaa island are collecting signatures against plans to build one of Europe’s largest wind power parks on the island...

Researcher: wind parks to send power tariffs skyrocketing

Mon, 22 Dec 2008 00:00:00 GMT

Anto Raukas, senior researcher of the Tallinn Technical University, believes that electricity tariffs are likely to go up several times because of development of wind power parks...

Former top-bankers established new investment bank

Fri, 12 Dec 2008 00:00:00 GMT

Veikko Maripuu, Mart Altvee and Aare Tammemäe have established an asset management and financial consulting company...

President: Estonia must pay painful price for the budget policy

Tue, 9 Dec 2008 00:00:00 GMT

Estonian President Toomas Hendrik said that Estonia must pay painful price for last years’ budget policy, ERR News reports...

Swedbank Baltic CEO expects lending flat next year

Fri, 5 Dec 2008 00:00:00 GMT

Swedbank expects no growth in its Baltic credit portfolio next year, the head of the Baltic business said, underlining the challenges the region faces in its hard landing after years of expansion...

More real estate buyers seek to annul contracts

Mon, 1 Dec 2008 00:00:00 GMT

Estonian lawyers say that the number of real estate buyers who are seeking to annul contracts is increasing...

Residents complain about poor roads of new housing developments

Fri, 28 Nov 2008 00:00:00 GMT

Residents of new housing developments outside the city limits are complaining about poor roads...

EU report: Baltics risk painful economic adjustment

Fri, 28 Nov 2008 00:00:00 GMT

Estonia, Latvia and Lithuania may undergo a protracted and painful economic slump because the governments of the Baltic states failed to contain runaway credit and inflation, a European Commission report says, Bloomberg reports...

Tourist farms cut costs to survive the recession

Fri, 28 Nov 2008 00:00:00 GMT

Many SMEs have already introduced cost-cutting measures ahead of the forecast made by the Finance Ministry this week that the economy will contract 3.5 percent next year...

Influences of financial crisis yet to come to Estonia

Thu, 20 Nov 2008 00:00:00 GMT

Influences of financial crisis are yet to come to Estonia and so far the state has experienced explosion of our own local bubble, Heido Vitsur, an economic expert at Estonian development fund told tarkkulutaja.ee...

Estonian Air launches fast and convenient online check-in

Wed, 12 Nov 2008 00:00:00 GMT

Flying with Estonian Air became simpler, as in addition to check-in desks and check-in kiosks at Tallinn airport, customers can now check in online on Estonian Air homepage, the company announced...

Soros: the crisis hasn’t hurt Estonian economy

Mon, 10 Nov 2008 00:00:00 GMT

The world’s economic crisis hasn’t hurt Estonian open economic environment strongly, millionaire and philanthropist George Soros said at the meeting with PM Andrus Ansip, delfi.ee writes...

Estonian big businessmen to build noble living and business area

Mon, 20 Oct 2008 00:00:00 GMT

EfTEN Capital, belonging to former CEO of Estonian real estate group Arco Vara Viljar Arakas and Estonian oil businessman Endel Siff's holding N-Terminal’s subsidiary AS Milstrand plan to build a huge shipping centre to Viimsi, aripaev.ee writes...

Estonian government loses hope to sell 1.5 billion worth of property

Mon, 20 Oct 2008 00:00:00 GMT

It has now become clear that the government will not reach its target to sell 1.5 billion kroons worth of state property by year-end...

Estonian real estate agents divided over commercial real estate

Mon, 20 Oct 2008 00:00:00 GMT

While some agents claim that Estonian commercial real estate market has come to a standstill, others see a bright future ahead...

Buying a dwelling profitable, although rates are up

Thu, 2 Oct 2008 00:00:00 GMT

Under the influence of world financial crises, added interest rates for loans issued anew have already grown and will continue to grow reaching even 5 pct...

Half of Estonian GDP is created in Tallinn

Mon, 29 Sep 2008 00:00:00 GMT

According to Statistics Estonia, the value added created in Harju county covered 61.1 pct of the Estonia’s gross domestic product (GDP) in 2006. Concentration of active economic activity in Tallinn played the main role in it. The value added created in Tallinn accounted for 50.8 pct of Estonia’s GDP...

President of Estonian Air: Estonia is too small

Wed, 24 Sep 2008 00:00:00 GMT

Andrus Aljas, president and member of board of the national airline Estonian Air, told in company’s seminar that Estonia is too small and competition is tight...

IRL: state budget has to support Estonian economy’s competitiveness

Tue, 16 Sep 2008 00:00:00 GMT

IRL's Parliament faction decided today that when drawing the state budget for 2009, Estonian economy’s competitiveness has to be preserved and no decisions, which would damage the export, shouldn’t be made, postimees.ee writes...

Estonian bankers: bankruptcy of Lehman Brothers not to influence Estonia

Tue, 16 Sep 2008 00:00:00 GMT

Erkki Raasuke, CEO of Swedbank Baltic, and Vahur Kraft, CEO of Nordea Bank Estonia, say that the bankruptcy of Lehman Brothers in US does not have a direct impact on Estonian money market...

fDi ranks Tallinn second in Europe by economic potential

Mon, 15 Sep 2008 00:00:00 GMT

fDi Magazine has ranked Estonian capital Tallinn second in Europe in economic potential just behind Luxembourg and ahead of Paris and London...

Estonian Air’s autumn campaign offers 30 000 discount seats

Thu, 11 Sep 2008 00:00:00 GMT

Estonian Air launched an autumn campaign with very attractive fares for 30 000 seats into most Estonian Air’s flight destinations...

Hansabank CEO: crises might continue for up to four years

Wed, 10 Sep 2008 00:00:00 GMT

Erkki Raasuke, the CEO of Hansabank, told Äripäev that the economic crisis in Estonia might last for up to four years...

Developer of Rotermann City attracts tenants with discounts

Wed, 10 Sep 2008 00:00:00 GMT

Rotermann City that is developing the Rotermanni City near Hotel Viru is offering significant lease discounts for tenants...

Eesti Ehitus sold part of the Ukrainian real estate developer

Fri, 5 Sep 2008 00:00:00 GMT

Estonian construction group AS Eesti Ehitus subsidiary OÜ Eurocon that is responsible for operating the group's economic activities in Ukraine sold 8 pct holding in an Ukrainian real estate development company V.I. Center TOV...

Newsec: housing construction in Baltics in standstill

Thu, 4 Sep 2008 00:00:00 GMT

The global concern about the financial markets and weakening world economic market have caused slowdown in large-scale developments on Baltic market, Newsec Nordic autumn report shows...

Real estate agency: state overvalues real estate

Thu, 4 Sep 2008 00:00:00 GMT

Having in mind the current economic situation in Estonia, also the business plans with great solutions will face difficulties at such price currencies, Ragnar Everest, development manager at real estate agency 1Partner, said while commenting aripaev.ee article “State wants to earn at least EEK 100 mln from selling Patarei fortress”...

Armin Karu wants to take Olympic Casino to US market

Thu, 4 Sep 2008 00:00:00 GMT

Estonian casino businessman Armin Karu wants to take Olympic Casino to US market and said that the gamblers’ problem in Estonia is over-emphasized...

Estonian central bank governor: a small push is enough for the Estonian economic growth

Wed, 3 Sep 2008 00:00:00 GMT

Äripäev asked the experts when the Estonian economic growth will recover? Estonian central bank governor Andres Lipstok said that since Estonia is that small, only a tiny push might be enough...

Hansabank CEO: slowdown is very far from being over

Wed, 3 Sep 2008 00:00:00 GMT

The economic slowdown in the Baltic states will worsen and the recovery will take time, the head of the leading Hansabank has warned, Financial Times writes...

Tallinn wants to change the law to take more loans

Tue, 2 Sep 2008 00:00:00 GMT

Tallinn city government proposes the state government to change the law of financing local municipalities to enable adding more EU aid in solving local problems and to enliven the economy...

Property developer TPD loses EEK 6.5 mln in first half

Tue, 2 Sep 2008 00:00:00 GMT

Trigon Property Development that belongs to investment banker Joakim Helenius says its first-half result was a loss of EEK 6.5 million...

Luman: Estonia’s economy is not threatened by extinction

Mon, 1 Sep 2008 00:00:00 GMT

Toomas Luman, the chairman of the Estonian Chamber of Commerce and Industry, said in his opening speech while opening the business season 2008/2009 that the Estonian entrepreneur isn’t threatened by extinction...

Estonian central bank governor: We have to be ready for recession

Wed, 27 Aug 2008 00:00:00 GMT

Estonian central bank Governor Andres Lipstok said at press conference today that Estonia has to be ready for recession, arileht.ee writes...

CEO of real estate company: buy real estate when the bourse has risen half a year

Wed, 27 Aug 2008 00:00:00 GMT

CEO of Kaanon Kinnisvara, Härmo Haljaste, told aripaev.ee that real estate purchases are worth considering when the stock exchange has risen for six months...

airBaltic loss totaled LVL 7.9 mln in H1

Wed, 27 Aug 2008 00:00:00 GMT

The Latvian national airline airBaltic operated with LVL 7.88 mln in losses in the first six months of 2008, according to an announcement from its shareholder SAS, Latvian news agency LETA writes...

Estonian housing loan market back in 2005

Mon, 25 Aug 2008 00:00:00 GMT

In the second quarter Estonian banks issued EEK 7.2 bln in housing loans which is the same as in the second half of 2005...