Total Area: 45,100 km²
GDP (in billion USD): 22
Geographically, Estonia is on the north-eastern edge of the European Union, bordering Russia and Latvia.The average price of apartments in Tallinn, Estonia's capital, rose by 5.93% (2.4% in real terms) during the year to end-December 2012, to €1,126 per square meter (sq. m.), according to OberHaus. During the latest quarter, apartment prices increased 0.72% (0.92% in real terms).
The total number of dwelling permits rose by 7.2% to 3,035 units in 2012, according to the Register of Construction Works. The total number of dwellings completed increased by about 3.8% to 1,190 units. By end-2012, the total housing stock in Estonia was 657,800 dwellings.
The average interest rate of housing loans fell to 2.57% in December 2012 from 3.42% in January 2012, based on figures from the central bank. Despite these low interest rates, the total housing loans in Estonia fell slightly by 0.1% to €5.85 billion by end-Q4 2012 from the previous quarter, according to Bank of Estonia.
Estonia's housing market is expected to remain stable in 2013, with property prices rising modestly, amidst modest economic growth, according to local property experts. In 2013, the economy is expected to grow by 3%, after GDP growth of 2.4% in 2012 and 7.6% in 2011.