Highly Active Real Estate Market In Estonia
The fourth quarter of 2005 was characterized by high activity in the Estonia real estate market, especially in Tallinn, Parnu and nearby surrounding areas. With the demand for properties continuing, there are warnings of not enough properties to meet demand, and the trend for increase in property prices persisted in every field of real estate.
According to Eurostat, the statistical agency of the European Union (EU), Estonia ranked second in the European Union for its economic growth of 10.4 percent in Q3
The market for apartments was one of the most active ones. The prices rose around 10-20% in the last quarter throughout the sector. The increase in prices was at times measurable in days.
The apartments are sold with little need for advertising, with a significant part of the sales campaigns for new developments are well designed web pages. People tend to buy their homes based on virtual designs.
The market for houses and plots of land also upholds an active market. The most popular projects include semi-detached and terraced rows, with the demand far exceeding the availability most clearly.
The former Soviet Baltic state has seen a surge of foreign investors since it joined the European Union in May 2004. It enjoys one of the fastest growing and most stable economies in eastern Europe, and large-scale, post-accession investment is rapidly improving infrastructure.
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