Shrinking Pensions Will Drive Finns to Estonia, Real Estate Firm Says (1)
According to an Estonian real estate company, Finnish pensioners are increasingly feeling the pinch and contemplate moving to Estonia.
With the increase in the numbers of Finnish pensioners, the growth in government pensions will slow down in Finland, said Jaak Vende, a member of the council of Kaamos Real Estate, at the Äripäev real estate conference on Thursday.
This will lead to some contemplating selling their Finnish flats and moving to Estonia while still collecting their pensions. According to Vende, this trend is only increasing, as he does not foresee a great rise in the apartment prices of Tallinn, Äripäev reported Thursday.
According to real estate company 1Partner, 4,000 Finns have bought homes in Estonia and one real estate transaction in five was made by a foreigner last year in Tallinn.
Christian Ayer, the broker for Finnish clients at 1Partner, said Finns also take a great interest in buying flats in Tallinn to rent them out.
In addition to Finns, an increasing number of Russians buy real estate in Tallinn.