Norway funds renovation of manor houses

Following the progress of renovations at Puurmani manor house, housing a local school, the Norwegian government announced on September 15 that it is extending renovation grants to 2014. Officials yesterday said that Norwegian funding will be about 4.5 million euros. The so-called manor school movement began in 1990. Norwegian grants have already funded the renovation [...]

Restoration of Vihula manor wraps up

Restoration of the 800-year-old Vihula manor in Lääne-Viru County – the largest complex of its kind in the Baltics – was recently finished. The 15-million-euro project, partly funded by the European Regional Development Fund’s operational program for Entrepreneurship and Innovation, took four years to complete. The manor complex has over 15 buildings, which all have [...]

Construction price index increased 1stQ

According to Statistics Estonia, the percentage change of the construction price index was 0.4% in the 1st quarter of 2012 compared to the previous quarter, and 5.0% compared to the 1st quarter of 2011. In the 1st quarter compared to the same quarter of the previous year, the construction price index was primarily influenced by [...]

Foreclosed property of Three Sisters hotel to be auctioned

Court bailiff is selling foreclosed property of the Three Sisters hotel in Tallinn Old Town in an auction, according to an announcement published on Friday. The property is 705 square metres in size and the starting price at the auction is 393,000 euros. The property has a two-million-euro mortgage for Tallinn Business Bank (Tallinna Äripäev), [...]

Construction market is comparable with 2005

According to the preliminary data of Statistics Estonia, in 2011 the total production of Estonian construction enterprises in Estonia and in foreign countries amounted to 1.7 billion euros, which is 27% more than the year before. Construction volumes, which had started to decline in 2008, took an upturn in 2011.   The production value of [...]

Court tells City to tear down wall in Old Town

After a five-year legal battle a court has now ordered the City to demolish a wall that it built as part of restoring the Needle’s Eye stairs near St. Nicholas Church because it is located on private land, report Eesti Päevaleht. On February 9 the Tallinn Circuit Court ruled in favour of Uranos, a private [...]

The average price per m2 was 706 euros in 2011

According to Statistics Estonia, in 2011, 32,486 purchase-sale transactions of real estate in the total value of 1.5 billion euros were notarised. During the last two years the number of transactions of real estate market has increased. Compared to 2006, the boom year, the number of transactions with registered immovable and the number of dwellings [...]

Construction price index increased 3.1 pct in 2011

According to Statistics Estonia, the construction price index increased 3.1% in 2011 compared to the average of 2010, of which labour force 7.6%, building machines 2.0% and building materials 1.5%. The change of the construction price index was 2.0% in the 4th quarter of 2011 compared to the 3rd quarter and 4.5% compared to the [...]

Developer seeks 700 MEUR to complete luxury resort

Margus Reinsalu who is developing a luxury resort estate on the Ilha de Cajaiba island off the Brazilian coast is now the sole owner of the development company Property Logic Brazil. Reinsalu himself does not wish to comment why his former business partners, a Dutch businessman Joob Huisman and an Irishman Sean Cusack, decided to [...]

State pays construction companies in 80 days

Construction companies that win public contracts are getting used to the fact that they are paid in 70 or 80 days after invoicing. Since in many such cases, the projects are being co-financed by the European Union, the state simply tells the builder that it cannot pay faster because of EU regulations. Janno Vink, CEO [...]