New builds in Estonia
Location and climate
Estonia (officially the Republic of Estonia) is a country located in Northern Europe, on the coast of the Baltic Sea, bordering the waters of the Gulf of Finland and Riga. The country is a member of the UN, European Union, NATO, part of the Schengen area and the Eurozone.
The climate changes from temperate maritime to temperate continental under the influence of Atlantic cyclones (the proximity of the sea creates conditions for high humidity): mild winters and cool summers.
For the information of the investors: economics, culture, and education
The country's economy is growing steadily. The main industries are: chemical, woodworking, fuel, pulp and paper, as well as energy and engineering. The operation of thermal power plants is provided by the extraction of local oil shale, while the country has the opportunity to fully provide itself with energy. Mechanical engineering is the production of electrical appliances, radio equipment, equipment for the extraction and processing of shale, etc. Agriculture, the scope of which is shrinking, has focused on obtaining meat and dairy products, as well as the production of animal feed. The territorial position allows the development of fisheries. The service sector exists not only around tourism, but also information technology and infrastructure associated with it. Skype is based in Estonia. Freight transport links are well organized in the country. Experts note that it is most profitable to attract foreign investment in the areas of logistics, modern computer technology, business, as well as in mechanical engineering and wood processing. Estonia is a promising country for the purpose of investment and real estate in new builds, given the growth of tourists coming to the country, students, migrants, renting and buying housing.
Estonia is located at the crossroads of several cultures, it is related to the Latvian, Finnish, Lithuanian, Russian (North-West Russia), Belarusian, Swedish, and German traditions. Estonian culture originated in a peasant environment, which gave it a special color. The popular Estonian Choir Festival is listed as a UNESCO Intangible Cultural Heritage and takes place in the open air, attracting thousands of spectators.
The Estonian higher education system is represented by 3 universities (Tallinn, Tartu), 9 colleges, and many private universities.
Why is it profitable to buy an apartment in Estonia in a new build for sale?
The real estate market of the country began a rapid upward movement. Business activity increased wages in many sectors and increased incomes of the population as a whole, which in turn gave citizens confidence and stimulated the desire to buy Estonian real estate in the new builds for sale. This was facilitated by payments from the second pension pillar used to pay the first installment of housing loans from pension savings. The number of people who invest in the purchase of apartments in residential complexes at the expense of other available funds has also increased, including foreigners. About a quarter of residential properties were purchased with a home loan.
The construction of apartment buildings has rapidly risen in price, so the prices for apartments have increased by almost 20%. However, the demand for them continues to grow. Most often, foreigners are interested in residential complexes in Estonia in the center of Tallinn, its suburbs - Pirita, as well as in a fairly prestigious area on the Baltic Sea coast near the capital - Viimsi. New homes in Tartu are also popular. Many people buy primary property in Narva, which has one of its main advantages - a unique location: the beaches of the Narva-Jõesuu resort (there is also a primary property for sale, but its cost is much higher than in Narva), which are located 15-20 km away.
The sale of apartments from developers is carried out in accordance with the law, providing for strict compliance with building standards, the availability of infrastructure near the facility under construction, which is confirmed by customer reviews.
In accordance with the information of the GEOLN.COM search engine, the minimum price per square meter of space in a new home for sale from a developer in Estonia in the capital city of Tallinn is 1,490 USD (apartments handed over in turnkey condition).
Acquisition of apartment in Estonia from the developers by foreign citizens
There are no restrictions for non-residents. Foreign investors can freely buy apartments from the developers in Estonia.
Purchasing an apartment in a new development in Estonia is a promising investment in order to obtain a stable rental income, live in an EU country with a high level of economic development.