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City guide Tallinn Estonia
Tallinn, Estonia
A city guide aimed at overseas property buyers buying property in Estonia
You may be wondering where exactly is Tallinn, Estonia and why would I be interested in traveling their or investing in overseas property there? Estonia is located between Scandinavia and Russia on the Baltic Sea. The area has actually developed a large tourist industry and many Westerners have become interested in the area as well as the Baltic resorts and Baroque architecture.
Tallinn itself has been making an international presence through many of its technological exports. Most notable of these include “Skype,” Skype is a voice over IP network that was developed by the same individuals who invented Kazaa, the file sharing application. The system allows international phone calls to be made over the Internet for free. It is one of the most well known IT start-ups developed in Tallinn. Estonia has even been described as “a sort of Silicon Valley on the Baltic Sea” by The New York Times.
One great advantage of overseas investments in Estonia is that foreign investors are now able to buy and sell property freely. The main investors in Estonia were originally from Sweden and Finland, but now there are numerous investors coming into the market. The property market is being described as a high-growth investment market. The country is also going to be replacing the Kroon with the Euro in January 2007, which will aid in transactions from across the world. The country is also boasting low interest rates starting at 4.5% and expected to fall to 3.2% by 2007. The low interest rates have been very encouraging to foreign investors. The rental market in Tallinn is especially healthy and tourism is increasing every year making holiday home rentals a large market.
Estonia features a strong and rich culture as well as a beautiful summer climate. The area is especially popular for the medieval architecture and is one of the largest tourist drives in the country. It is also becoming very affordable to fly to Estonia from London and Berlin. American travelers are able to connect in London and fly to Estonia from there.
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