New York Times: Russians increasingly interested in Estonian real state

  • 2014-11-13
  • From wire reports, TALLINN

Tallinn Old Town (photo: creative commons)

Increasing numbers of Russians and Finns are investing in real estate in Estonia despite the crisis in the Ukraine, the New York Times reports.

Tallinn's historic Old Town is attracting ever increasing numbers of buyers lured by Estonia's close proximity to Russia and the euro, the newspaper reports. 

Peter Sampson, a British architect based in Tallinn said: “You don’t actually need a car, you can walk everywhere. If you live in Old Town you probably never have to leave Old Town.”

The prices are once again approaching the pre-crisis levels of 2008. In Old Town, the average price per square meter was €2,793 in 2013; about €400 less than in 2008 when the financial crisis hit.

In 2013, the average price for an apartment in Tallinn was €1,257 per square meter, ERR news reports.

(Edited by Rayyan Sabet-Parry)