Estonian Property News - updated weekly

31.08.04 - Easyjet have just announced direct flights to Tallinn

Low-cost airline easyjet announced on 30th August their expansion to the Estonian capital, Tallinn. Flights will be begin 1st November. Prices will start from just 20.49 euros including taxes. Bookings on-line will start in the second week of September. They're expecting to serve 185,000 passengers a year.

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31.08.04 - Volare, the Italian low-cost airline doubles flights because of strong demand

Volare launched its twice weekly service from Milan-Tallinn in the Spring of this year. Due to the overwhelming demand with almost all flights fully-booked they will now be flying four times weekly. "The results are excellent. Of our 39 destinations in Europe, Tallinn is No. 1" said Elena Cerutti, press spokesperson of Volareweb. Because of the direct flights to Tallinn, the number of Italian tourists going to Estonian has doubled this year.

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31.08.04 - Tourism up 26% in the first 6 months of 2004 compared to the same period last year.

German, Swedish, Norwegian, British and Russian tourists have also shown large increases. Piret Kallas, the survey co-ordinator of the Tourist Board of Enterprise Estonia, attributed the growth to the 27% increase in Finnish tourists. The figures were based on accommodation paying tourists.

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31.08.04 - Ravala Maja Apartments, the exclusive City Centre residential development by AS Merko Ehitus, is now 90% sold

Within weeks of the website being published, over 90% of the apartments have already been reserved. Of the 120 apartments there are only a handful still available. Prices start from 53,000 Euros for a 40 sq mt studio apartment.

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09.09.04 - Apartment prices have doubled in 4 years

Uus Maa, the real estate agency in Estonia reports that apartment prices have doubled since 2000. The independent price survey reports apartment prices have risen 2.24 times, housing space has gone up 1.93 times, rent on warehousing space 1.3 times, housing land 1.19 times and commercial premises 1.05 times. During the same period office rents have dropped.

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16.09.04 - Estonian Air passengers are 34% up in August compared to 2003

Estonian Air passengers are 34% up in August compared to 2003. In addition, passenger numbers are 37% higher during the eight months of 2004 compared to 2003. Estonian Air's most popular routes were Tallinn-Stockholm, Tallinn-Copenhagen and Tallinn-London.

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16.09.04 - Manhattan in the Baltics? Tallinn is set to become a city of skyscrapers

Seven real estate developers are planning to build at least 10 skyscrapers in Tallinn's city centre business district. Merko have also announced a twin tower adjacent to the Uhispank's head office which will consist of a 30 storey hotel and a 30 storey residential building.

Ike Volkov, the head of the municipal planning department, has said that the city is favouring the construction of highrise buildings in the business district between Maakri street, Tartu road and Liivalaia street.
Baltlink Valdus and Vallikraavi Kinnisvara plan to build a 35-storey office and apartment building at Tartu road 15.
Viis Veeringut that is owned by Urmas Past plans to develop a 40-storey building at Tartu road 17.
Brennon O that is owned by Indrek Toome plans to build a multifunctional 30-storey office and apartment building at Tartu road 25, 25a.

Estonian Pentecostal Church plans to build a church in Mardu street a 30-storey building.
Logoner plans to build a 30-storey building at Maakri 19/21.
E.L.L. Kinnisvara plans to build a 19-storey apartment/office building at Maakri 34.
Concordia Law Firm plans to build a 40-storey building at Lennuki 22 and 24
Karen Ter-Ovenesjan plans to build a 24-storey building at Maakri 28.

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24.09.04 - Top investment for TOP Centre in Pirita.

The TOP Centre, an 18 hectare area of land near Tallinn, was acquired by Estonian property and investment group Arco Invest in March 2002 for EEK 210 million. The company has recently announced plans to invest a billion kroons on developing new apartment buildings, hotel expansion and on an aquapark. The complex also includes a yachting harbour for 167 yachts. The company has also agreed to invest EEK 299 million on the sports and leisure centre in Pirita, one of Tallinns most attractive areas.

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9.09.04 - Home loan rates down to 3.1%

Private home loans made up 30.4 percent of the total loans outstanding. One year ago private home loans accounted for only 27 percent of the total.

In September Hansabank lowered its interest rate on housing loans to 3.3 percent. hispank have offered housing loans at 3.3% since May and housing loans rates at Nordea and Sampo are as low as 3.1%.

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22.10.04 - New skyscraper approved in Tallinn

Tallinn city government has approved plans to build a 114.5 metre highrise building in Tallinn's business district. The building, by developer Vallikraavi Kinnisvara, will be located adjacent to the head office of Eesti hispank and will have 35 stories.

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02.11.04 - Tallinn apartment prices continue to increase

One of Estonia's largest real estate group Arco Vara says in its new market overview that demand for Tallinn's apartment market continues to be strong and is set to increase by 10% for the next year.
Arco also said that at the same time prices on the apartment market were already at levels that cannot be considered justified.

The company said in its overview that the market for standard apartments remains active and there is strong demand for properties that are not overpriced.

According to Arco, the price gap between new and old apartments will increase further because of the ongoing lending by banks, interest rates less than 3% and rise in construction costs.

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