Why invest in Tallinn and not another European city, particularly in the former Eastern bloc? Well, now is a very good time to consider investing here. Prices are at around a five year low and the rental market is buoyant. Furthermore Tallinn is 2011 European Capital of Culture, undoubtedly bringing with it a rise in already-high levels of tourism and associated businesses, and Estonia routinely scores higher in corruption indices than its Baltic neighbours, for example. Estonia joined the Euro zone on January 1, 2011, the only one of the three Baltic states to have done so, having met the Maastrict criteria for inflation.
The country enjoys a greater degree of inward investment, particularly from the Scandinavian countries, than its Baltic neighbours, is an important transit link between east and west, has good transit links and Tallinn itself is a major tourist destination. The media scores highly on the ‘reporters without borders’ index of press freedoms, and the several academic institutions here have a good reputation internationally.
But more than all this, the buying process here is quite simple in comparison with some other countries. For instance, it is not necessary for both parties in a transaction, the buyer and the seller, to find their own solicitor and to suffer the inevitable delays, not to mention cost, of paperwork and procedures during this stressful time. Here in Estonia the process is very transparent and it is sufficient for both parties, upon agreeing a sale, to make their way to one of the many competent notaries, who will carry out all the necessary procedures. This takes place with both parties present (together with a sworn translator where necessary) in a short space of time and for a very reasonable fee (including the standard state fee).
If you would like to know more about any aspect of real estate investment here which is not covered on the blog, feel free to contact us!