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After months of anticipation, Estonia is now fully covered by Google Streetview, as available in Google Maps and Google Earth. The famous streetview cars with their nine-lens cameras have been doing the rounds since they arrived last year, and as with anywhere else that is covered, you can now find almost any property location you want in Tallinn and Estonia, and get a real feel for the neighbourhood before making a investment, wherever you are in the world.
Goodson & Red Tallinn Property Consultancy is dedicated to delivering premier residential and commercial property services in Tallinn and Estonia. Through more than 8 years of consistency in one of the most active property markets in Eastern Europe we have developed an enviable reputation for our in-depth market knowledge and expert, considerate personal service. Our services include comprehensive property brokerage services for sellers, home search, long and short term lettings services and a comprehensive professional management service for landlords.
We also offer foreign buyers consultancy to help investors diversify their portfolio, together with a development consultancy service, providing effective marketing and branding for developers. Our recent media accolades include mentions (twice) in the UK quality newspaper the Daily Telegraph, and the New York Times.
According to a report on the Baltic Business News, the Estonian economy saw a growth of 3.9 per cent in Q1 of 2012, with particular emphasis on construction and also retail and wholesale trade.
Citing figures from the Estonian Statistics Office, these two sectors accounted for more than half of the total growth during Q1. In the case of construction, the upturn resulted partly from an increase in renovations and refurbishments, especially in the public sector which benefitted from state sales of Estonia’s excess CO2 quota; rising food sales were largely behind the retail growth.
Conversely, industrial production, previously a driving force behind recovery actually saw something of a decline over the same period, with the biggest drops seen in electronics and metals. Energy production also saw a downturn on the domestic front, partly due to milder weather in Q1 than can be the case for the time of year, and exports fell, which in turn impacted on manufacturing.
Neighbouring Latvia and Lithuania have seen much more rapid growth rates over the same period, at 6.8 per cent and 4.3 per cent y-o-y respectively.
The original article from the Estonian Statistics Office is available here.
Goodson & Red Tallinn Property Consultancy is dedicated to delivering premier residential and commercial property services in Tallinn and Estonia. Through more than 8 years of consistency in one of the most active property markets in Eastern Europe we have developed an enviable reputation for our in-depth market knowledge and expert, considerate personal service. Our services include comprehensive property brokerage services for sellers, home search, long and short term lettings services and a comprehensive professional management service for landlords.
We also offer foreign buyers consultancy to help investors diversify their portfolio, together with a development consultancy service, providing effective marketing and branding for developers. Our recent media accolades include mentions (twice) in the UK quality newspaper the Daily Telegraph, and the New York Times.
More hopeful signs of recovery come from a report on the Baltic Business News website, citing figures from Statistics Estonia, which stated that the amount of overseas visitors to Estonia was up by 11 per cent in Q1 2012.
A total of 488 000 tourists visited the country in Q1, of which 288 000 were overseas tourists. The lion’s share of these came from the nearby countries of Finland, Russia, Latvia and Sweden, with Finland continuing to be a significant country of origin; 40 per cent of the total number of visitors came from Finland.
The largest increase came from tourists from Russia, which saw a 36 per cent increase with 71 000 people staying in accomodation in Estonia. The peak unsurprisingly came around New Year, which on its own accounted for more than half of Russian tourism during the period.
Tourism from Latvia also saw a significant increase, 29 per cent up on Q1 2011 with 18 000 visitors.
Goodson & Red Tallinn Property Consultancy is dedicated to delivering premier residential and commercial property services in Tallinn and Estonia. Through more than 8 years of consistency in one of the most active property markets in Eastern Europe we have developed an enviable reputation for our in-depth market knowledge and expert, considerate personal service. Our services include comprehensive property brokerage services for sellers, home search, long and short term lettings services and a comprehensive professional management service for landlords.
We also offer foreign buyers consultancy to help investors diversify their portfolio, together with a development consultancy service, providing effective marketing and branding for developers. Our recent media accolades include mentions (twice) in the UK quality newspaper the Daily Telegraph, and the New York Times.
The original article can be viewed here.
Posted by andrew, on May 9th, 2012
Tags: Estonian Banking Statistics, Estonian Banks, Estonian economy, estonian property statistics, interest rates, mortgages, property investment, property news, residential property, statistics. According to Tõnu Toompark’s Estonian property Adaur blog, morgage rates in Estonia have fallen to a level of 3.15 per cent at the end of the first quarter of 2012. The only other time when such a low level of domestic rates was reached was back in 2005, writes Tõnu
And whilst interest rate margins have steadily grown over the last year, the falling Euribor rate of European banks’ lending rates has contributed to the overall decline in Estonian banks’ interest rates.
The current prognosis would have it that a low Euribor looks in the offing, and as a result, continuing low interest rates, writes Tõnu.
Meanwhile loans to businesses stood at a rate of 4.17 per cent at the end of the first quarter of 2012, Tõnu goes on.
This is a translation for Tallinn Property and Goodson & Red Estonian property consultancy, and the original article (in Estonian) is available on Tõnu Toompark’s Estonian property Adaur blog here, complete with detailed graphs going back to 1998 and showing changes in Euribor rates, as well as interest rates within Estonia in Kroons and Euros (and also Deutschmarks since the Estonian Kroon was initially pegged to the German Mark after its inception in 1992) as well as the margin, i.e. the difference between the Euribor rate and the Estonian banks’ own interest rate.
Posted by andrew, on May 7th, 2012
Tags: Estonia, estonia property, estonian property statistics, non-residential property, property investment, property news, statistics, tallinn, tallinn property, Tallinn Real Estate. According to Tõnu Toompark’s Estonian property Adaur blog, it comes as no surprise that figures from the statistics office in Estonia show that the greatest part of non-residential permits to build originate in Harju county, the most populous county in Estonia, which includes the capital city Tallinn. Throughout the course of 2011, 720 applications for non-residential building space were received in Estonia, of which 128 (18 per cent) were in Tallinn and Harju County.
Furthermore, completed non-residential living space in Tallinn and Harju county today constitute as much as 28 per cent of the whole, which means that the larger non-residential buildings are concentrated in the vicinity of the capital, as might be expected.
That said, the overall number of applications for non-residential buildings has been declining somewhat steadily. 2011 was the fifth successive year during which the volume of non-residential living building was lower than the previous year.
Thus we can see that the number of non-residential buildings for 2011, 720 as we have seen, was half that of the boom year of 2006 (1 570).
This is a translation for Tallinn Property and Goodson & Red Estonian property consultancy, and the original article (in Estonian) is available on Tõnu Toompark’s Estonian property Adaur blog here, complete with detailed diagrams showing non-residential building in the various regions of Estonia from 1998 to the present.
According to a report on Tõnu Toompark’s Estonian Property Adaur blog, 50 per cent of new residential accomodation in Estonia consists of two and three room apartments. Tõnu bases his report on data from the Estonian statistics office.
On the other hand, one room new apartments have diminshed in number, making up only six per cent of the total (compare with 2006 where the figure was 14 per cent).
The economic downturn beginning in 2008 and bursting of the bubble in real estate in Estonia are the factors behind this change, says Tõnu. In economically difficult times, when demand is inhibited, there will be fewer apartments built, and with smaller room sizes, but with fewer single room apartments (which tends to take place during boom times to maximise value per square metre) Tõnu goes on. At the same time, the number of single-family dwellings with a larger number of rooms will necessarily be proportionately larger, Tõnu adds.
For the original article (in Estonian) including detailed diagrams on how the proportions and numbers of different types of dwellings (from 1 to 6+ rooms) from 1993-2011 and regional variations in Estonia as regards numbers and sizes (in square metres) of residential permits issued since 2000, plus statistics on residential types in Estonia since 2000, visit Tõnu’s Adaur blog.
Tallinn Property and Goodson & Red are delighted to present this truly stunning, exclusive and exquisite secluded rural Villa development, just a stone’s throw away from the beach and the peace and quiet of the Baltic Sea and yet only a short drive from the city of Tallinn.
Named ‘Katmandu’ and set in approximately three quarters of a hectare of land, the hunting lodge-style Villa is located near the small town of Keila-Joa, some 25 km from Tallinn. The development was designed by noted Finnish architect Ilkka Salo and completed in 2000, with some subsequent minor renovation. The main building boasts four spacious bedrooms, hallway, living room, dining room, study, utility room, and both a standard and a catering kitchen.
The complex furthermore has a separate, detached garage which can hold no fewer then eight cars, and a separate summer house.
The garage has a guest annex above it with three rooms (including a bathroom). The summer house comprises kitchen with grill/barbecue facilities, sauna and changing room, bathroom, fireplace and fitted wardrobes.
There is also a stable with space for two horses, and the plot includes a paddock.
Interior features of this marvellous development includes kitchen furniture from Puustelli, kitchen appliances from Siemens and a music system by Bose. Bathrooms are equipped with luxury Villeroy and Boche fixtures. WiFi (Elion network) an alarm system and Satellite TV.
Heating options include underfloor heating, oil based or electrical possibilities. The upper floors make use of radiators.
The total land area comprises an area approaching 0.75 hectares (1.8 acres), whilst the buildings total an area of 755 square metres. A large courtyard is enclosed on three sides, whilst the garden is impressively landscaped, including attractive bridges and driveways, and set in a secluded, forested area. The territory is secured by an extensive security fence and controlled gates, along with security cameras.
The property is close to the small town of Keila Joa with its manor, and the Lohusalu Marina is also close by.
The development is constructed with Lecatern blocks, with a quality stone roof.
The Katmandu Villa would naturally be an idyllic location for a family, especially one which enjoyed equestrian and water-borne pursuits.
Naturally words can only do so much to describe this wonderful property, so be sure to check our site here for more details and plenty of photographs.
Goodson & Red Tallinn Property Consultancy is dedicated to delivering premier residential and commercial property services in Tallinn and Estonia. Through more than 8 years of consistency in one of the most active property markets in Eastern Europe we have developed an enviable reputation for our in-depth market knowledge and expert, considerate personal service. Our services include comprehensive property brokerage services for sellers, home search, long and short term lettings services and a comprehensive professional management service for landlords.
We also offer foreign buyers consultancy to help investors diversify their portfolio, together with a development consultancy service, providing effective marketing and branding for developers. Our recent media accolades include mentions (twice) in the UK quality newspaper the Daily Telegraph, and the New York Times.
Estonia saw the highest economic growth in the EU in 2011 according to a report on Baltic Business News. Citing SEB bank’s Baltic Household Outlook, the article showed how in addition to Estonia’s impressive growth rate (7.6 per cent), neighboring Lithuania (5.9 per cent) and Latvia (5.5 per cent) saw the second and third highest rates respectively.
This rate of growth in Estonia, which exceeded expectations, was largely export-driven, but improvements in domestic demand have also been in evidence.
Naturally the vagaries of the external economic world can and will have their effect on future growth. However another sign of the ever sought after green shoots of recovery is the fact that unemployment has also fallen in Estonia and across the Baltic States. When compared with the low point in 2010, employment in Estonia has risen some 11 per cent. Indeed thesese two developments, economic growth and falling unemployment naturally tend to go hand-in-hand and, again, are largely export-driven.
In Estonia, the construction sector in particular has seen an increase in employment, obviously benefitting the Estonian real estate sector, along with manufacturing, transport and storage. That being said, unemployment is in no way back to pre-crash levels.
Real wages have also seen an increase in the Baltic States over the same period, in particular in Estonia where the last quarter of 2011 saw real wages at 6.3 per cent higher than the corresponding period a year earlier.
As noted previously on our Tallinn Property blog, the residential housing market has been improving over recent months in Tallinn, so these economic indicators are further evidence of this welcome trend.
Posted by andrew, on April 20th, 2012
Tags: economic recovery, Economy, Estonia, estonia property, Estonian economy, estonian property statistics, Estonian recovery, Global News, global reports, market index, property news, property prices in Estonia. According to a recent global property report from prestigious real estate company Knight Frank, whilst the general global trend for house prices is for a continuing fall, Estonia is bucking this trend and seeing rising prices.
Written by Kate Everett-Allen, the report referred to Knight Frank’s own Global House Price Index (GHPI), where Estonia saw the second highest property price rise in the world y-o-y between December 2010 and December 2011 with a 12.3 per cent GHPI rise (only Brazil was higher) and, whilst more recent rises have been more modest, it is still well ahead of many countries, and much of Europe in particular.
The 6 month GHPI figure stood at 4.4 per cent rise (only Germany was higher at 5 per cent, and Ireland saw a drop of -9 per cent over the same period) and the 3 month period GHPI stood at 1.1 per cent (compared with – 1.1 per cent for the UK).
Whilst the slowdown in China and other Asian countries, not to mention North America, has had its effect on the index, Europe stands as the worst affected region with all 12 bottom spots being occupied by European countries, which makes the Estonian ‘blip’ all the more surprising. In addition to Germany, the only other European countries to have seen an increase are Iceland, Norway and Switzerland; naturally the continuing Eurozone crisis has taken its toll.
60 per cent of countries polled saw a drop in prices over the final quarter of 2011. In addition to the Eurozone crisis and other global economic uncertainty, the report also cited stricter mortgage lending requirements and falling consumer confidence.
“If ..[the] .. trend spreads to more locations, the overall GHPI could easily slip into negative territory during 2012, especially if the slowdown in Asia continues”, the report stated.
Knight Frank is a truly global, high quality commercial and residential real estate agent with a presence in 43 countries worldwide. The original report is available here.
Tallinn Property is delighted to announce that Goodson & Red has attained the status of ‘Trusted Seller’ on the JamesList global marketplace site.
This means Goodson & Red is a highly sought after and reputable Real Estate agent, buying, selling and letting quality and luxury properties in Tallinn‘s prestigious Old Town and beyond.
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