In Estonia, GDP contracted 0.7% yoy (non-adjusted) and 3.7% qoq (seasonally and working day adjusted) in 1Q The steep fall in VAT and excise taxes contributed negatively, while the gross value added increased 2% yoy. There were more economic activities…
• Wage growth decelerated to 4.8%, over the year, in Q1. • Swedbank expects wages to grow by only 0.5% this year. Wage growth decelerated in the first quarter Gross wage growth decelerated to 4.8%, over the year, in the…
If the market overview of March already mentioned the impact of the emergency situation in the second half of the month, the statistics of April transactions was fully impacted by it. However, in the last week of the month, increased…
MANAGEMENT REPORT Chairman’s summary The first quarter of 2020 has been a very busy period for us in spite of the slow-down of businesses in many sectors due to the influence of the worldwide spread of the SARS-CoV-2 virus and…
On 29 April 2020, the Supervisory Council of AS Pro Kapital Grupp has approved the company’s 2019 audited annual report. In 2019 we completed last four residential buildings in Marsi Houses project in Kristiine City in Tallinn and also five…
The overview of real estate market in March cannot escape the topic of coronavirus COVID-19 outbreak which started to influence the market considerably from the second half of the month. Estonian Real Estate Market in March 2020 As the majority of transactions…
• Annual inflation reached 0.9% in March in Estonia. • In 2020, we expect inflation to amount to 0.8%, or even 0.4%, if we include lower excise taxes proposed by the government. Compared to February, consumer prices declined by 0.7%.…
On 31 March 2020 the owner and operator of T1 Mall of Tallinn shopping centre, AS Tallinna Moekombinaat (TMK, a group subsidiary of AS Pro Kapital Grupp), submitted an application to Harju County Court for commencement of reorganisation proceedings with…
In the final quarter of 2019, all three Baltic capitals saw somewhat different trends. In Tallinn, housing affordability fell as the average price of apartments accelerated and net wage growth weakened due to the previous year’s tax reform. Housing affordability…
MANAGEMENT REPORT Chairman’s summary 2019 was as a year of challenges, opportunities and acknowledgment, which is characteristic to many companies with an eye on the future and ambition for growth. The key focus of our work is on large-scale development…
In 2019, Estonian GDP growth was 4.3% y/y in real terms and 7.7% y/y in nominal terms. Although, the growth slowed from previous year, it was still strong and exceeded our expectations – our forecast, published in January, was 3.7%.…
Comment of the fund manager The most important economic events of EfTEN Real Estate Fund III AS in 2019 were the ABC Motors dealership purchase-leaseback transaction, successful issue of shares in volume of EUR 16 million and opening of Hortes…
On 11.02.2020, AS Pro Kapital Grupp group company OÜ Marsi Elu and OÜ Vanalinna Ehitus have concluded a contract for the re-construction of a stables building and additional construction of a new adjacent building as well as a semi-underground parking…
The net asset value (NAV) of EfTEN Real Estate Fund III AS at 31.01.2020 was EUR 16.96. NAV increased by 0.7% in January. The EPRA NAV (net book value excluding deferred tax liability and fair value of interest derivatives) as…
Inflation was relatively weak at the end of last year, given the rapid growth in wages and other income. Inflation was moderate due to weak external price pressures and lower excise tax rates on alcohol. In December, inflation amounted to…
