Institutional investor outlook: Estonia 2025

Estonian real estate from the perspective of institutional investors: the market is small and liquidity is moderate but stable. Positive factors — stable regulatory environment, digital infrastructure, positive migration balance to Tallinn. Risks — loan volumes, geopolitical context, construction cost pressure. Rental yield in Tallinn 4.5–6.5% gross, depending on segment. Suitable as a capital investment for long-term investors with low liquidity expectations.