Estonia set for Euro entry in 2011

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.

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