Tourism Takes off in The Baltic States of Estonia, Latvia and Lithuania
The former communist states in North East Europe are enjoying a tourism growth spurring further economic growth from foreign property investment.
In 2004, Estonia, Latvia and Lithuania joined the EU and as a result, the tourism industry has exceeded the combined tourism growth for the 25 EU states of 1.6%. Investors have discovered the potential of property investment within these countries, which are amongst the EU’s fastest growing economies, with many cities boasting UNESCO World Heritage status.
In the last 12 months, the three nation’s GDP per capita increased by the greatest margin in comparison to the other EU members, recording an average of almost 10% growth. Today, the cities’ medieval centers are the main tourism drivers that are helping to boost their respective economies.
A chief factor behind the countries’ growing prosperity has been the opening up of their property markets to foreign buyers. As EU member states there are no restrictions on foreigners owning property in Estonia, Latvia and Lithuania and the buying process is a relatively straightforward one.
Property reports have shown an increased demand for property investment, since EU accession; prices have increased by around 30% in the cities and the market still shows potential growth representing very good value in relation to other capital cities in Europe. The increase in foreign business and trade has prompted up market renovation and re-development of areas that have been compared to places such as the London Docklands.
For more information on property investment opportunities within the emerging markets and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com
Or visit our website http://www.obeliskinternational.com/
In 2004, Estonia, Latvia and Lithuania joined the EU and as a result, the tourism industry has exceeded the combined tourism growth for the 25 EU states of 1.6%. Investors have discovered the potential of property investment within these countries, which are amongst the EU’s fastest growing economies, with many cities boasting UNESCO World Heritage status.
In the last 12 months, the three nation’s GDP per capita increased by the greatest margin in comparison to the other EU members, recording an average of almost 10% growth. Today, the cities’ medieval centers are the main tourism drivers that are helping to boost their respective economies.
A chief factor behind the countries’ growing prosperity has been the opening up of their property markets to foreign buyers. As EU member states there are no restrictions on foreigners owning property in Estonia, Latvia and Lithuania and the buying process is a relatively straightforward one.
Property reports have shown an increased demand for property investment, since EU accession; prices have increased by around 30% in the cities and the market still shows potential growth representing very good value in relation to other capital cities in Europe. The increase in foreign business and trade has prompted up market renovation and re-development of areas that have been compared to places such as the London Docklands.
For more information on property investment opportunities within the emerging markets and to find out about Obelisk International’s latest projects, contact: Obelisk International on 0808 1600670
Or email info@obeliskinternational.com
Or visit our website http://www.obeliskinternational.com/
posted by Chris at 1:01 pm
1 Comments:
Neverless Vilnius hotel owners state that tourism is not sufficient for further hotels development.
There is an article in Lithuanian business newspaper stating that hotel owners are experiencing high concurention.
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