Presentation of country

  • Baltic country of 1.3 million inhabitants, at north east of EU. Capital: Tallinn with 445,000 people
  • Extremely well performing economy with unemployment rate of 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 1,550€ /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 the Baltics or Singapour of the 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 of 4.1% in 2019
  • Total debt /GDP ratio is around 18.2% vs. 116.3% in France. This number is 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 17.3% in 2021
  • 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%
  • Tax rate on rents for non-residents investors: 20%
  • Tax on dividends distributed: 15%
  • No land tax
  • Transfer tax of real estate: 0.5%-2.5% of land cadastral value
  • VAT: 20%, reduced rate 9%
  • Currency: EURO