Estonians Still Buy and Sell Real Estate Abroad Most in Spain
Spain remains the most popular destination among Estonians for buying and selling foreign real estate, according to statistics from the Kinnisvara24 portal. Estonians are also showing increasing interest in real estate in Finland, Italy, and Turkey.
"The number of countries where Estonians own or broker real estate has nearly doubled in a year on the Kinnisvara24 foreign listings page. Today you can find offers from already 20 different countries – totaling 282 listings," said Kinnisvara24 CEO Urmas Uibomäe.
According to Uibomäe, Spain is undoubtedly the favorite destination among Estonians for acquiring and owning foreign real estate. "Over 60% of all our foreign listings are in Spain – totaling 175 offers. The portal's visitor statistics also show that Spain remains the most popular country whose real estate Estonians view most frequently and show the greatest interest in," he added. People are looking for both apartments and houses, and new developments are of particular interest. The most sought-after are renovated or at least well-maintained 2–4-room apartments.
Apartment prices on the portal in Spain range from €72,900–€217,000, while new developments range from €84,900–€269,000.
In addition to Spain, listings in Turkey, Portugal, the United Arab Emirates, and Italy stand out on the Kinnisvara24 website, with the number of their listings having grown significantly over the past year. Estonians also offer real estate for sale in Finland, Germany, Bulgaria, Egypt, Poland, Cyprus, Northern Cyprus, Sweden, and Åland. More exotic regions are represented by, for example, Indonesia and Mexico.
Finland ranks second in popularity. "When it comes to real estate sold in Finland, visitors are most interested in houses, cottages, and house shares," explained Uibomäe. For example, the portal has listed a house share requiring renovation in North Karelia for €12,000 and a cottage with a large plot for €86,000. Just 20 minutes' drive from Helsinki, two houses are available for sale at €300,000.
Italy ranks third in terms of views, where sales listings for houses and apartments receive the most attention on the Kinnisvara24 website. For example, a small house in the Gavi wine region of Italy was recently listed for sale for €75,000. A 3-room apartment by the sea in Bocca di Magras is available for €225,000, and in the Castell' Alfero area, a renovated nine-room villa is offered for €610,000.
According to Uibomäe, interest in Turkish apartments is also growing, with prices ranging from €78,000–€255,000. Estonians are also showing increasing interest in real estate in Thailand, Bali, Lithuania, Latvia, Georgia, Cyprus, Sweden, and Dubai.
From the Kinnisvara24 foreign real estate listings page, you can currently purchase the most affordable real estate from Latvia, where factory house prices start from €35,000. At the other end of the scale sits an exclusive boutique hotel located in Spain, priced at €5 million.
A year and a half ago, Kinnisvara24 opened the first Estonian portal for foreign real estate listings, allowing Estonians to buy, sell, or rent real estate located in foreign countries with each other.
"We offer the opportunity to communicate directly with a fellow countryman who owns real estate, whose background you can verify, who understands local market characteristics and legislation, and with whom it is easier to conduct transactions in your native language," said Uibomäe. According to him, the website also provides an excellent opportunity for Estonian real estate brokers operating abroad, who can introduce their offers to residents of Estonia.
