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Buying an apartment - 1

I have just returned from a quick visit to Estonia where I too had hoped to purchase an apartment.

Tallin is a fairly big, sprawling city and quite a lot busier then I had expected.

I was met at the airport and after a quick drive round the outskirts I was taken to Parnu which was where I had hoped to buy.

Parnu, with a population of some 50,000, is far smaller then Tallin but is very popular as a holiday resort. The property prices are far cheaper, but even in September the holiday season seemed all but over. I looked at one completed apartment which was nice with the standard of workmanship far better then here in the UK, price about £40,000 for 48mt. Another I looked at was in a totally different location then advertised and was far from being finished, I saw other " off plan" devolpments but these were all in poor locations and like most off plan sites were using facts like: the road is going to be re-done, they are going to build a pool, they are putting a golf course over there ext ext. to justify the price.

I managed to get away from my rep from the agents ( not easy ) and went off on my own for a day, this was the best thing I could of done. I went to another real estate agent and found out that they were selling the same properties some 10-20% cheaper I also found a local agent renting rooms from 50p a night! which didn't bode to well for rental incomes.

In conclussion I would say be very carefull and whatever you do decide on go and look at it, even if it's an off plan plot not even built on and never put a deposit down, they will still be there when you get there.

I am not buying here in Parnu as the rental returns would not be great, Tallin would be the only place to make any money all year in Estonia but their prices are now quite high having gone up over 20% this year and the prime sites on a par with uk prices.

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Buying an apartment - 2

I'm an American who lived in Tallinn for four years. The prices for flats have grown quite a bit , and with the EU so too have farms and country properties. I would caution you to only deal with the reputable real estate firms. The largest in Tallinn & the country (the name escapes me) is run by an American Estonian. I personally dealt with an Australian couple (he is of Estonian ethnicity) and was very pleased. I believe the firm was RAIK. I am sure there are many honest realtors, but whether they have the business and legal savy you need is the real issue. The best deals can be found by direct purchase from the owner. They can be researched through the web or local trade paper Guldne Bors. I strongly encourage you to find a local lawyer first. RE purchases can be bogged down in title issues, surveys, ownership rights etc. all stemming from the redistribution of properties after independence. Good luck it's a country of subtle beauty and reserved but good people

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