Estonia investors should "hold out for three months"

Investors considering buying property in Estonia have been advised to minimise their risk by holding off from making a purchase for the next few months.

Head of business development at Quintessentially Estates Lily Simpson stated that due to the current volatility of the economy, it is important that buyers take time to study the market.

"Hold out for three months [and] reassess the market then," she remarked, adding that it is "really important" investors do not stray too far from the capital city of Tallinn – which she stated will be the "main area" for investment due to cheap access by air - and Parnu when looking for property to buy.

Doing so is "almost too much risk" and investing in a city property carries fewer potential downfalls, she noted.

Ms Simpson's advice follows the publication of new data by Knight Frank, which revealed annual growth of global house prices – excluding those in Dubai – slowed to 3.8 per cent in the fourth quarter of 2008.