Real estate developers: Tallinn-Helsinki tunnel would spark major growth

Construction cranes in Tallinn.
Construction cranes in Tallinn. Source: Siim Lõvi/ERR

A tunnel between the two cities would make Tallinn a "suburb" of Helsinki, which would substantially add to Finn's interest in the local real estate market, CEO of developer Ober Haus, Tarmo Kase, said on Monday.

Business daily Ärileht (link in Estonian) quoted Mr Kase as saying that Tallinn would become attractive as a place of residence for Finns.

Real estate market prices at the moment are about twice as high in Helsinki, Mr Kase told the paper. A tunnel between the two capitals in the long run would mean that prices would eventually even out on both sides.

According to data of the Finnish statistics office, the average price per square metre of flats in older blocks in the city of Helsinki was over €4,700 in January this year, compared to just €1,900 in Tallinn.

The managing director of Estonia's association of real estate companies, EKFL, Tõnis Rüütel, also thinks the influence of a tunnel on the local market would be positive.

Editor: Dario Cavegn

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