Canadian Real Estate Company Enters the Estonian Market
SNC-Lavalin Homburg Property Management, a company owned by two Canadian capital holding companies, has opened an office in Tallinn. Similar ventures are also being opened in Riga and Vilnius. The company was founded by one of the biggest engineering, construction management and maintenance companies in the world, SNC-Lavalin Group Inc., with more than 100 years’ [...]
Empty Apartments In Estonia Creating More Problems
An increasing number of apartments in rural areas and small towns in Estonia are being left abandoned, as their owners seek employment overseas, according to a report by Sven Randlaid on the website of ERR, Estonia’s national broadcasting network, citing real estate expert Risto Vähi. In a conversation with Estonian radio station Vikerraadio, Vähi explained [...]
Individuals In The Rental Market Need Tax Exempt Status
At a recent round table meeting of the EKFL (Eesti Kinnisvarafirmade Liit), an association of Estonian real estate agents, construction companies, developers and other related interests, on 26 October, the question of issues related to tax relief for rental income was raised. The meeting found that, in order to increase transparency and competition in the [...]
Real Estate Market Growing Slowly But Steadily In Tallinn, Tartu and Pärnu, Estonia
Today’s residential market seens to be relatively calm, with sudden changes not taking place, writes Tõnu Toompark on his adaur blog. However, developments in the city centre of Tallinn, particularly in the high end of the market are certainly a contributory factor to why Tallinn’s apartment transactions have increased by 18 per cent over the [...]
Estonian Property Owners’ “Golden Handcuffs”
The proportion of property owners in Estonia seems to be declining somewhat, despite a strong desire in Estonia to be a property owner, according to a report in Estonian business newspaper Äripaev. The article, by Silvia Kruusmaa, goes on to say that this may actually have a positive dimension, due to its impact on both [...]
Energy Savings Pay Off When Buying Real Estate In Estonia
When buying a new home, it seems that the biggest cost is likely to be the actual purchase price according to property developer Allan Kool, in an article published on Tõnu Toompark’s adaur blog. However, it gradually dawns on home owners that there are other costs associated with home buying which are essential; the most [...]
Statistics: Growth In Volume Of Land Transactions In Estonia
Both built up and raw land in Estonia has seen a significant increase in the number of deals in the second quarter of 2011, according to Tõnu Toompark on his adaur blog. This is in direct contrast to apartment deals which over the same period have seen a decline in frequency. The second quarter of [...]
Estonia Property Prices Lowest Since Downturn, Offers Increase
Positive changes in residential offer prices in Estonia as reflected in the kv.ee index are, despite positive forecasts, not apparent, with the index showing its lowest figure since the 2008-2010 crash, standing at 61.0 on 3 July, 2011, writes Tõnu Toompark on his adaur blog. This, however, does not represent a catastrophic drop; the figure [...]
Statistics: Commercial Real Estate Investment Has Not Declined
Investments by Estonian businesses in capital assets have grown for the second quarter in a row, year on year, writes Tõnu Toompark in his adaur blog. Real estate investments (including land, buildings, facilities construction, renovation and purchase costs) have moved into growth for the first time in three years, writes Tõnu. According to Estonian statistics office [...]
Do Apartment Ownerships In Estonia Constitute An Enterprise?
The Estonian Tax and Customs Board sometimes seems to use unlawful measures to limit the taxpayer’s right to deduct value added tax (VAT), report Law Firm LEXTAL attorney-at-law Ants Karu and lawyer Margus Reiland. Obligation to pay VAT usually lies with the seller of goods (e.g. apartment ownerships or immovables). As a general rule the [...]
