Estonia Climbing World Rankings As 17Th Euro Member
News Posted On: 17 January 2011
Estonia has climbed to 14th place in the world economic freedom rankings which is compiled and published by the Wall Street Journal and Heritage foundation. This is two places higher than last year making it the best performing of the Baltic States. Estonia has only just adopted the euro on January 1st , making it the 17th country to do so.
This news could be of interest to investors looking to benefit from the current low prices. The market in Estonia peaked in late 2007 having experienced a boom between 2004 and 2006. Its recent entry into the Eurozone should boost tourism numbers which will in turn affect the demand for homes, especially in the capital city of Tallinn which is the European Capital of Culture for 2011. Access to this city has just become easier with Ryanair having introduced flights from the UK last month.
Signs that property prices have begun to rise again began late last year, although prices are still currently down 46% since their peak in 2007. GDP is thought to have grown 2.5% percent in 2010 while employment levels are rising. Part of the strengths of this country lie in the fact that it has kept its budget deficit within the EMU limit, and that it has focused on strengthening its financial market.
Its inclusion into the Eurozone should simplify the process of buying property for European citizens as well as increasing demand.During the boom Estonia acquired the nickname of the Baltic Tiger as its economy grew at such a fast rate. With confidence now returning it will be interesting to see if that growth can return to anything like previous levels.
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