Demand for Estonian real estate among foreigners is growing

Demand for Estonian real estate among foreigners is growing

Foreigners are seriously interested in buying property in Estonia, according to portal with reference to the Estonian media. Most foreign buyers come from Russia and Scandinavia.

Taavi Reidmets, head of the real estate company Ober-Haus Kinnisvara, said that interest in the Estonian housing market from the Russians is growing very rapidly, but the inhabitants of the Scandinavian countries also often buy Estonian housing.

It is also noted that Russians are most strongly attracted by the Narva -Jõesuu, where the prices are not affordable by the Estonians.

Prices for apartments in the coastal areas are about €80,000 - €500,000, and most of all transactions were committed by Russians. In June and July 2013 in Narva- Jõesuu 23 apartments and five private homes were sold. During the year 67 apartments and seven houses were sold. In the new construction project Kesk 2 Russians bought 16 of the 18 apartments.

It is reported that Finnish citizens actively acquire housing in Tallinn. Last year, about 7,000 apartments were sold in the capital of Estonia. This year the number of apartments sold could increase by 400-500 apartments. Approximately 6-7% of the total number of apartments were sold to citizens of Finland, that are working in Tallinn and Helsinki. Finns often buy new, high-quality apartments.

The lower threshold prices in the Estonian capital were registered in 2009. Prices for apartments in the old fund grow by 3-5% per year, in new homes - twice as fast.