Presentation of country

  • Baltic country of 1.3 million inhabitants, at north east of EU. Capital : Tallinn with 500,000 people
  • Extremely well performing economy with unemployment rate around 5% and revenue per capital which is one which is growing the most over last 5 years
  • Large specialization on IT and new tech business particularly among the skilled young professionals
  • Average salary around 1,500 € / month, which is close to west european standards
  • Very safe place to live, with high standards of living including environmental criteria. Surnamed as Switzerland of Baltics or Singapour of Baltics for those reasons


  • Estonia is probably one of the best in class within previously called « Eastern Europe » countries
  • GDP per capita increased from a level equivalent to 45% of european average to 90% of european average over the last 15 years
  • 5 of the best education system in the world, including Japan…
  • Highest rate of internet use among the population
  • Highest rate of new start up creation per inhabitant in the world
  • GDP growth around 3% in 2018
  • Total debt / GDP ratio is around 8% vs. 100% in France for example. One of the lowest in Europe

Real estate market

  • Real estate market boosted by demand on new apartments. Number of new constructions is 2 times higher than in west european cities
  • High demand in renting and in acquisitions (+20% over last 2 years for number of transactions and increase of rent of 10% over last year)
  • Price per sqm up by 15% in 2017
  • Half of acquisitions without bank financing and average living area per person is 24 sqm
  • Possibility to have access to financing at the level of 50% of the acquisition price for non residents investors
  • Still significant value creation potential in apartment value and in rental value

Tax & Social

  • Corporate tax : 20%
  • Personal income tax for residents : 20%
  • Tax rate on rents for non residents investors : 20%
  • Tax on dividends distributed : 0%
  • Transfer tax of real estate : 0.5%- 1.5% of acquisition price
  • VAT : 20%
  • Currency : EURO