Estonian Property Set to Increase in Popularity
02 August 2011
It looks as if the demand for property in Estonia could increase, as tourism levels for this summer look extremely promising. According to data on the top 10 emerging destinations for British holidaymakers by Skyscanner, Estonia has seen the largest increase in interest compared to summer 2010, with a massive 54% increase in flight searches.
This northern European Baltic country has proved popular with overseas buyers in the past, as many bought before the last property boom. Since the financial crisis a loss of foreigners have avoided buying property here, but an increase in tourism numbers will undoubtedly help the property market, as the country welcomed a record number of British visitors during the first six months of this year.
Estonia gained its independence from the Soviet Union in 1991, and joined the EU and NATO in May 2004, and it adopted the euro at the beginning of 2011. According to travel and property experts, this country has a lot to offer investors and tourists, as it has pretty villages and seaside resorts, and a much more cosmopolitan culture than many imagine.
In the past Estonia has very much been a nation of homeowners, with a much higher proportion of people owning their own property compared with much of Western Europe, but the recent financial crisis has taken its toll, and in common with many other major countries renting is becoming more popular. The number of companies offering rental accommodations is increasing, and it is becoming a far more mainstream choice for Estonians who are beginning to appreciate the flexibility and ease of renting.