On first blush, many investors who are interested in putting money in foreign real estate might flip past Estonia without giving it any thought. Indeed, historically Estonia has not been a country in which foreign nationals have been active in the real estate market. In point of fact, for a significant portion of the history of Estonia, foreign ownership of real estate was prohibited for tightly and highly regulated.
Of course, one of the primary reasons that foreign investors have not been active in the Estonian real estate market historically is the fact that through much of its history, Estonia has been occupied or controlled by other nations.
Over the course of the past decade, as Estonia has gained its independence, the government has worked to liberalize the laws governing the ownership and sales of real estate in that country. This has included opening the door wider to more foreign investment in real estate in Estonia.
While there has not been a rush of foreign nationals buying real estate in Estonia as of this point in time, there is a steady stream of these people buying real estate in different locations in Estonia. Industry analysts believe that the number of people who will invest in Estonian real estate should continue to increase at a steady, but not flooding, pace.
Investment Property in Estonia
As referenced previously, historically Estonia has not been a country that attracted a great deal of foreign investment in real estate. This is starting to change at this point in time. Thanks to a relaxation of the laws governing foreign investment in real estate, some foreign nationals are taking another look at investing in real estate in Estonia.
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In this regard, people who have taken the step of investing in real estate in Estonia are doing so on the gambit that property values in that country will increase as the country becomes more active on the world economic stage. Most analysts believe that this is, in fact, a safe bet.
Primarily, foreign nationals are investing in commercial and residential properties at about an even pace. In many instances, foreign nationals are buying real estate in Estonia and then working to develop it for either commercial or residential purposes. In some areas in the country, foreign nationals have been leading the way in real estate related development projects, particular citizens of European nations.
At the present time, there are no significant restrictions regarding foreign investment in real estate. Again, the government of Estonia has been dedicated to streamlining and liberalizing the real estate sales process — including for foreign nationals.
Residential Property in Estonia
The state of the single family, residential real estate market in Estonia varies significantly depending on what part of the country is being considered. For example, in the larger cities in the country, a more concerted effort is being made to develop new residential properties in single family style. In addition, a more concerted effort is being made to rehab and renovate older single family residential properties in Estonia to bring these properties into the 21st century.