The New York Times „Great Homes and Destinations“ section recently covered the topic of purchasing an apartment in Tallinn’s Old Town, Hedman Partners‘ attorney-at-law Liisa Linna was quoted as saying that property prices in the Old Town have remained quite high despite the market conditions. 

 

“Properties in the Old Town, the most expensive in Tallinn, fared better than the rest of the city, not falling as precipitously after the economic crisis,” told Mrs. Linna who specializes in real estate transactions at lawfirm Hedman Partners. “The Old Town is a very good place for investment because the value never decreases that much,” Mrs. Linna added.

 

The article highlighted the attractiveness of Old Town properties for the US property investors, focusing on the unique surroundings, the charming combination of old and new and the Old Town’s status as a UNESCO Heritage site. According to the New York Times, buyers in Tallinn are predominantly Estonian but of the foreign buyers, most are from Finland and Russia, Britain, Italy and Spain. At the same time the use of foreign labour force is positively trending, lead by the example of Skype, recently acquired by Microsoft. 

 

In Tallinn, hiring a notary for the real estate transaction is compulsory, whereas hiring a lawyer is optional. “Although, hiring a lawyer for the real estate transaction at first may seem as an unnecessary cost, but it is easier to settle any later disputes if the lawyer has been involved in the sales transaction and has previously conducted a background check of the contracts and properties,” Mrs Linna said.

 

Hedman Partners Attorneys-at-Law is an international lawfirm that focuses on cross-border transactions, foreign clients and real estate transactions. 

The article of The New York Times is available here