Estonia Property Looking At Second Coming
News Posted On: 08 June 2010
Estonia property could be about to have its second day in the sun in terms of foreign demand, as it prepares to adopt the Euro in 2011.
A few years ago the UK turned down the adoption of the Euro, the irony is that now the EU would have to turn down the UK. This is because of the fiscal state the UK economy is in with a roaring budget deficit of 11% well above the EU cut-off of 3%. Many of the countries currently in the Eurozone, would not be able to get into the currency had they to do so now, including Spain, Greece, Ireland, Italy and Portugal.
Thus, the fact that Estonia is fiscally on track to be able to adopt the Euro in 2011 is a massive testament to the government's fiscal management, especially when you take into consideration the fact that the Estonian economy is currently returning to growth.
This will make it popular with investors, especially considering the current run on the pound against the Euro, and the massive reduction in Estonian property prices since 2007.
The pound is currently worth 1.20 Euros, making Eurozone property 15% less expensive to British buyers than it was at the end of last year. So, considering the huge reduction in Estonian property prices since 2007, a perfect storm is gathering around Estonian property.
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