Restoran-Ribe-Tallinn-Estonia-2015

Check out the best restaurants of 2015 in Estonia

Estonia’s best restaurants of 2015 were selected by 30 experts (12 from Estonia and 18 from abroad).

Each restaurant was evaluated repeatedly at different times of the day. Half of the evaluators were from Estonia, half from elsewhere.

The evaluators visited the venues incognito. Each of the evaluators decided for themselves, what to order, and covered the bill.

The methodology used for the evaluation has been developed over the years by the Swedish restaurant guide called “White Guide”. The greatest number of points a restaurant can be assessed with is 100.

  • Food can get a maximum of 40 points (17-21 satisfactory; 22-27 good level; 32-35 distinctive cooking, local master class; 36-40 illustrious cookery, international master class).
  • Beverages can be assessed with up to 20 points (8-10 fair; 11-13 good; 14-17 distinctive selection and serving, a local master class; 18-20 an international master class).
  • Service peaks at 25 points (8-12 fair; 13-17 good; 18-22 local master class; 23-25 an international master class)
  • The maximum score for the milieu is 15 (5-7 neutral; 8-10 equivalent to the rest of the thrills; 11-13 provides additional value to the rest of the thrills; 14-15 is by itself worth visiting the place) .

The results devided restaurants to 4 categories. (more…)

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Jõuluturg Raekoda Tallinn 2012

Tallinn Should be Your Next Destination Travel Channel Suggests

Looking for a perfect travel destination?

For all travelers out there looking for the coolest passport stamps of 2016, Travel Channel chose Estonia and Tallinn as one of the next great travel destinations:

“Start in Tallinn, where fairytale architecture wows in this medieval old town. Wander the ancient streets, pop by the plethora of museums and churches, and then venture to the country’s most famous national parks – Matsalu, Vilsandi and Lahemaa.”

You can read the full post about The Next 11 Great Destinations by Travel Channel here.

Would you recommend any particular places in Estonia and Tallinn? Share it in the comments.

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Statistics: Growth in the aggregate total of wages outpacing loan balances

Balances on loan private individuals’ loans in Estonia have begun to grow at accelerating rates. According to the Bank of Estonia, last August the balance on private individuals’ loans stood at 7.23 billion euros, up 3.5% year on year. Growth in loan balances is being driven by the growing turnover of loans. In the past six months, growth in the annual turnover of loans has been in the quite high range of 13 to 21 per cent.

The situation of rapid growth in loan balances is increasing indebtedness. This, in turn, is creating risk that banks will apply brakes on the issuing of home loans. That, similarly, will slow the rate of transactions completed on the real estate market and cause prices, which have remained stable, to fall.

The rise in balances on private individuals’ loans and on home loans is outpacing growth in the economy, which is raising relative indebtedness. However, rise loan balances is outpaced by mean growth in wages. In addition, loan balances are rising at a slower pace than aggregate payroll, which is the amount of money out which consumers are servicing their loans. Accordingly, for the time being, there is no reason for concern over the accelerating rise in loan balances.

A separate issue is sustainability in the rise of incomes. If growth in wages slows down but loan balances continue to increase at the current rate, indebtedness will begin to rise and may turn into a challenging problem in the event of setbacks for the economy, leaving its mark on the real estate market.

Total net wages and of home loan balances chart

 

Total of net wages and private individuals loan balances

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Statistics: For an average apartment in Harju County, 7.4 years’ mean wages have to be paid

In an Estonian average, 5.7 years’ mean net wages have to be paid on a transaction with an apartment. In Harju County, wages are higher; however, real estate there is also the most expensive. As a result, far more – 7.4 years’ wages – has to be paid on an average transaction with an apartment in the capital and its vicinity.

On an average transaction with an apartment, sellers of real estate charge 5.8 years’ wages in Tartu County and 4.1 years’ wages in Pärnu County.

In recent years, the rise in the value of transactions with apartments has significantly outpaced incomes: that is, measured in wages, the value of a transaction with an apartment has grown rapidly. In other words, the purchasing power of residents in Harju and Tartu Counties has been declining since 2010.

In Pärnu County, by contrast, the value of transactions with apartments has changed over time more or less in step with incomes. This means that purchasing power has not changed significantly in this county in recent years.

Average transaction with an apartment property in net annual wages

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Portuguese Airline to Connect Tallinn with Lisbon, Africa and South America

Portuguese airline TAP will begin operating a route from Tallinn to Lisbon in summer, opening connections to many African and South American destinations.

Tallinn Airport board member Erik Sakkov confirmed the new connection in a press release on Sunday, adding that the exact timetable would soon be unveiled.

Sakkov said that the five-hour flight, which will be the longest direct flight from Tallinn, will open many opportunities to Estonian holiday and business travelers, including a more convenient way to reach the upcoming football World Cup in Brazil.

TAP flies to 76 destinations in 34 countries and has a 71-strong fleet. It is expected to use Airbus A319, A320 and A321 aircraft for the Tallinn flight.

Source: ERR News

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Statistics: The number of permits of use of dwellings increased 13% within a year

According to Statistics Estonia, in the 3rd quarter of 2013 436 dwellings with total floor area of 48 400 m2 were completed, i.e. were granted the permit of use.

Compared to the same time of previous year, the number of dwellings that were granted the permit of use increased 13 and their floor area 12%.

Still, the growth numbers of the 3rd quarter are not a reason to celebrate. During the three quarters of the current year still 9% less dwellings were completed than in the three first quarters of the previous year.

The average floor area of the completed dwellings was 111 m2. This means that a large part of the completed dwellings are still one-family dwellings, terraced houses and semi-detached houses, and smaller part are apartment houses.

Floor area of an average new dwelling by quarters, m2

Number and floor area of completed dwellings by quarters

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Statistics: Housing expenses have increased 8% within a year

According to Statistics Estonia the consumer price index of October is 1,5% higher than that one year ago. At the same time housing expenses have increased as much as 8% in one year.

By today, in comparison with the year 1997, the consumer expenses have almost doubled and the housing expenses have increased 3,2 times. This means that the increase in housing expenses exceeds the overall increase in consumer prices during that time 66%.

According to Statistics Estonia, as of September the construction price index which influences the real estate market mainly from the supply side, is 4,9% higher than that one year ago.

The increase in construction price index is mainly due to labour expenses becoming more expensive. Unfortunately this does not mean increase in salaries in that sector but the positive process of black-market labour legalization.

Consumer price index, construction price index, producer price index of industrial output YoY

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