Last Year, Every Sixth Real Estate Transaction in Estonia Was Made with Foreigners
Foreigners made 17% of Estonian real estate transactions last year and their number remained practically at the same level compared to the previous year. The pattern characteristic of recent years continued, where Finns sell their previous investments, Ukrainians build a permanent home in Estonia, and citizens of other countries buy real estate mainly for the purpose of working here or doing business.
According to Kinnisvara24 statistical environment and Land Board data, foreigners made a total of 5355 real estate transactions in Estonia in 2025, of which 2601 were acquisition and 2754 were disposal transactions.
„The absolute number of real estate transactions by foreigners has remained relatively stable over the last three years, but their share increased by a couple of percentage points last year," explained Urmas Uibomäe, CEO of Kinnisvara24.
In terms of counties, Harju County was in the lead with the number of foreigner transactions, where a total of 2892 acquisition and disposal transactions were made. In second place was Ida-Viru County with 1883 transactions, which accounts for more than a quarter of all real estate transactions there. In Ida-Viru County, real estate is mainly sold by Russian citizens living in Estonia, while among buyers the most active are Finns and Ukrainians. Notably, Finns sold real estate in Ida-Viru County almost twice as much as they bought it.
Finns continue to sell real estate
In 2025, the most active foreign residents on the Estonian real estate market were Finns, who accounted for nearly a third of all foreign transactions. Sales transactions were made six times more than purchases. The same trend has persisted for the last four years.
Finns sold real estate in all counties, but numerically the most in Harju County. For example, sales transactions made by Finns accounted for 70% in Viljandi County, 62% in Pärnu County, and 60% in Saaremaa and Muhumaa for all sales transactions by foreign residents.
According to Uibomäe, Finns' sales transactions are mainly related to the realization of investments made in the 2000s and during the corona period. „Back then, investment apartments were bought in Tallinn, summer cottages in Pärnu and Haapsalu, and country houses in Saaremaa, Hiiumaa and elsewhere in Estonia. Many owners have by now reached a point where maintaining property located far away has become burdensome. The current market conditions allow them to exit these properties profitably," he explained.
Ukrainians build a new home in Estonia
Since the outbreak of war, hundreds of Ukrainian refugees have acquired real estate in Estonia. „This shows that more and more war refugees want to build a permanent home in Estonia and prefer to own real estate instead of renting," noted Uibomäe. Last year, Ukrainian purchases accounted for 8% in Harju County, 17% in Pärnu County and 10% in Ida-Viru County of all real estate purchases made by foreigners.
„While previously foreign citizens bought real estate in Estonia mainly for investment purposes, now increasingly they do so because they come here to work, study or start a business," said Uibomäe. This helps explain why in Lääne-Viru County, real estate purchases made by Japanese and Singapore citizens had a notable share among foreigners (both 17%), and why in Rapla County, purchases by US citizens accounted for 53% of all real estate purchases by foreigners.
