Buying property abroad: Estonian broker highlights complexities

The allure of foreign real estate is drawing an increasing number of Estonians, especially those with the financial capacity to invest abroad. Many are considering Spain and Portugal as prime locations, viewing property purchases there as a potential diversification strategy amidst global uncertainty. However, the process of acquiring property in these popular destinations is often far from straightforward. Oljana Kallson, a seasoned real estate broker, emphasizes that buying property in countries like Spain or Portugal demands a significant amount of patience. The markets can present complexities that differ greatly from what Estonians are accustomed to. This complexity is highlighted by a recent issue involving an Estonian company's luxury villa development in Portugal. The project has encountered significant hurdles due to environmental regulations. The environmental impact assessment report has stipulated approximately 42 conditions, along with 145 mitigation and monitoring measures, and 20 monitoring and compensation plans that require further action or modification. These environmental stipulations have caused delays, underscoring the intricate regulatory landscape buyers and developers must navigate when investing in foreign property markets.

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Because the situation in the world is tense, people think it is better to sell one apartment here and buy property in Spain or Portugal. Buying property in these countries may not always be easy, patience is needed.