Home Searching in Estonia: A 19th-Century Manor With Fashionable Model
Liisa Linna, a real estate-specialist partner at the law firm Liverte, pointed out changes in the law that allow notaries to conduct virtual transactions. “Last spring, we had stricter restrictions, and with some legislative changes, the notaries found a way to conduct sales transactions over the Internet almost immediately,” said Ms. Linna. “Now the restrictions are less and there are no restrictions on property visits with a realtor. So I don’t think they will affect sales activity.”
Ms. Mutso said she had received many inquiries from overseas buyers and those with Estonian ties who live abroad and want to return home. “I know the numbers show that we bought fewer foreigners,” she said, “but I had more inquiries and inquiries than usual, maybe because people have moved all over Europe and Estonia is a good location. ”
Most of the overseas home buyers in Estonia are looking for homes in central Tallinn, particularly the 13th century Old Town, a UNESCO World Heritage Site, as well as the new developments and luxury seaside complexes. In the market in Tallinn, a city of around 440,000 people, apartment sales prices rose 8.6 percent year-on-year to 2,056 euros per square meter, Teslon said as apartment sales fell by more than 9 percent.
Many Tallinn residents also have summer homes outside the capital – often in resort areas like Parnu or Haapsalu, or on Saaremaa Island – which realtors say tend to attract foreign buyers. In Parnu, the average price for a house is around 1,100 euros per square meter, about half the price in Tallinn.