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‘Stay away from Tallinn,’ brokers tell investors

Jul 23, 2008
By Vincent Freeman

NOT SO HOT: The city center is not the get rich quick scheme that foreigners once thought it was.
TALLINN - The real estate crisis hit a new low as agents warned foreign buy-to-letters not to invest in Tallinn’s residential property market. The advice came as new figures revealed that rental incomes have fallen dramatically since August 2007. According to second-quarter figures by Uus Maa, rental prices in Tallinn this year have come down almost 25 percent, or 500 to 1,500 kroons (32 to 96 euros) per apartment. When a senior broker at Uus Maa was asked what advice she had for overseas ...

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