The number of foreign buyers of real estate continues to decrease, with the exception of Russians who remain an important customer group for Tallinn properties, writes ERR.
While in 2010, foreign buyers accounted for 13.4% of all buyers of property in Tallinn, the percentage decreased to 12% in 2011 and 11.8% in 2011.
In the first eight months of 2013, foreigners accounted for 10.1% of all buyers of registered immovables in Tallinn.
Commenting the statistics, Peep Sooman, board member of Pindi Kinnisvara, a real estate company, said that the main reasons for decreasing interest of foreigners towards real estate in Tallinn were the higher property prices and economic problems in Finland, as many buyers have been Finns.
"At the samet ime, Russian investors remain active because first they see Estonia as a window to Europe and, secondly, real estate in Tallinn is still ridiculously cheap if you compare with major Russian cities,” he said.