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Will Property Prices in Estonia Continue to Rise?

Will Property Prices in Estonia Continue to Rise?

According to the Royal Institution of Chartered Surveyors’ European house price inflation league, Estonia has enjoyed the most significant gains in underlying property price for the last two years in a row.  Much has been made of this fact in the media and many interested buyers have been hunting around for information about the types of property they should be buying and the most ideal locations for purchase - but it’s actually quite disconcerting that so much attention has been given to the fact that Estonia has been at the top of the league with focus seemingly solely centred on the huge rate of growth witnessed in property prices. 

Why has so little attention been given to the reasons behind the rapid and dramatic rate of property price inflation in Estonia?  Surely understanding the factors driving the market is actually key to answering the question on everyone’s lips – namely ‘will property prices in Estonia continue to rise?’

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Mixed Signals for Property in Estonia in 2007

There is significant division of opinion over which direction property in Estonia will take in 2007 with some analysts convinced that it will continue to represent an excellent investment opportunity and others warning of a soft landing ensuing – so it’s mixed signals for property in Estonia in 2007 and we present both sides of the argument.

On the positive side Estonia is proving to be an economic success story…the nation has adopted a flat tax rate, welcomed strong inward foreign direct investment, established strong trading ties with the likes of Sweden and Finland and grown rapidly as a result.  Unemployment has dropped dramatically from around 10% to in the region of 5% today, Estonian people are intrinsically wealthier and their access to mortgages and loans has matured so that according to the European Mortgage Federation, the mortgage market in Estonia has grown by an impressive 80% and more Estonians own their own home than ever before.

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Estonia’s Property Market Benefits from Economic Expansion

The economy in Estonia is booming thanks in part to strong cross border investment and its exporting and manufacturing ties with Finland, Sweden and Germany; this has resulted in a budget surplus of over one hundred and ninety two million euros, a GDP growth rate of around 9.6% and a property market that is one of the most successful in Europe in terms of consistent real estate price growth.

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Economic Growth Fuelling Estonia’s Property Market

Estonia topped the European charts in terms of house price growth in 2005 according to figures collated by the Royal Institute of Chartered Surveyors; and strong economic growth and rising wages in Estonia are all factors continuing to fuel the country’s property market expansion.

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