Growing interest in property in Tallinn

I've noticed more and more media coverage on property in Estonia and the beautiful city of Tallinn. The Sunday Times Ireland featured an article on Estonia last Sunday. It seems that all the economic indictors are good for Estonia and it has something of the flavour of Ireland's early Celtic Tiger years. Those wishing to invest in the 'Baltic Tiger's' capital city, Tallinn, should look beyond the charming 'old town', according to Peter Conradi. Estonia, unlike its other new European counterparts, is not that cheap. You can expect to find a restored flat or a new build in the cheaper parts of the city centre for €1160 per sq. m that will yeild 7 - 8% returns. Buying in Vanalinn, the historic old town, you can expect to pay up to €2209 per sq. m. The good news, the buying procedure is very efficient and cheap by European standards. With finances in place you could have a sale completed in four weeks! Stamp duty does not amount to much, around 0.4% of the property price, land registry charges are as low as €150 and the seller and buyer share the notary fees! One thing to beware of however, is that rents have been falling in the past few months as more and more Estonian jump on the property ladder and buy thier own home, since interest rates on mortgages are as low as 3%!