Real Estate Market Report 2009

Read the report here
Report published by Ober-Haus real estate agency and Sorainen law office.
A quote from the report:
More than 100,000 sqm of new office space flooded the Tallinn market in 2008, bringing the total to 250,000 sqm. The total stock of A class and B class office space reached 500,000 sqm by the beginning of 2008. [...]

Swedbank to establish Baltic real estate company

Due to a growing number of confiscated properties in the Baltic States, Swedbank “will become a real-estate company” in the region, the bank’s CEO said, The Swedish Wire writes.

In the trail of the financial crisis in the Baltic States, Swedbank, the region’s largest lender, is likely to end up with large assets in real-estates, confiscated [...]

Construction of Bauhaus store begins

Real estate developer Häuser Oberschneider has started the construction of international construction goods retailer Bauhaus’ first store in Estonia in the Lasnamäe borough of Tallinn.
The store in the Tähesaju City, located on the crossing of Mustakivi and Laagna roads, will cover 20 000 square meters, making it the largest construction goods shop in the country, [...]

Decline on the construction market is deepening

According to Statistics Estonia, in the 1st quarter of 2009 compared to the same period of the previous year, the total production of Estonian construction enterprises decreased about a third.

In the 1st quarter of 2009 the production value of construction enterprises amounted to 5.0 billion kroons, of which the production value of building construction was [...]

Estonians face a sharp increase in land tax

The ruling coalition has no option, but to start re-valuation of land that could double or triple land tax, writes Äripäev.

The only hope is that since the idea of re-value the land is supported only by Social Democrats, but opposed by Reform Party and IRL, the latter two parties will do nothing to anger their [...]

Tallinn city land lease auction

The city aims at opening the urban space in the North-Western direction, at reconditioning the area by creating a safe high-quality living environment with the required infrastructure and at enlivening the city by adding new green areas.
The site is located on the Kopli peninsula, 5 kilometres from the Tallinn Old Town and the city centre. [...]

Total value of real estate transactions half of last year

According to Statistics Estonia, in the 1st quarter of 2009, 5,400 purchase-sale transactions of real estate with the total value of 4.7 billion kroons were carried out. Since 1997, when Statistics Estonia started to observe the real estate market, the number of contracts per quarter has never fallen below 6,000.

Compared to the 1st quarter of [...]

Will the real estate tax hit only wealthy people?

The real estate tax may come in form of taxing summer houses and real estate investments, Äripäev reports.
“Taxing summerhouse or other second real estate may be one solution if registers and organizational side enable that. Two dwellings in Estonia is treasury enough,” Andres Saarniit, monetary advisor at the Estonian central bank said. The greatest problem [...]

Construction price index fell for the first time during the last 14 years

According to Statistics Estonia, in the 1st quarter of 2009 the percentage change of the construction price index was -4.7% compared to the 1st quarter of 2008. Since 1995, the construction price index fell for the first time compared to the same quarter of the previous year.

The fall of the construction price index was mainly [...]

An artificial island called Talsinki

According to a finish architects vision an artificial island could be built whilst building the railway tunnel between Tallinn and Helsinki; this island would accommodate 20 000 residents, aripaev.ee writes.
Martti Kalliala, the young architect said that building materials would be readily at hand as during the construction of the sea tunnel almost 16 million cubic [...]