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Construction in Estonia - Key Trends and Opportunities to 2017

Estonia construction market: Decline of over -6.5% CAGR witnessed between 2008-2012

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2014-02-11 06:01:02 - Construction in Estonia - Key Trends and Opportunities to 2017 - a new market research report on

The Estonia construction market recorded a CAGR of -6.69% during the review period. The housing market cooled in 2008 as interest rates began to rise and banks tightened their lending conditions. Deflation in the property market was one of the main reasons for the decline in domestic demand and was a major contributor to the country witnessing an economic contraction of over 14% in 2009.

Investment in the infrastructure construction market went some way to supporting the construction industry during the period of economic downturn, recording the lowest decline in all construction markets during the review period, at -0.08%. Overall, a balanced growth with a focus on quality is forecast for the Estonian construction industry. Timetric expects the Estonian construction industry



to record a CAGR of 5.83% over the forecast period.

Due to a slowdown in construction during the economic downturn, commercial real estate supply lags behind demand. There is an acute shortage of Grade-A office space and good quality Grade-B buildings. Since adopting the euro, interest from foreign investors has grown significantly, with major interest coming from Swedish and Finnish companies. Additionally, the country´s IT sector has performed well even through the crisis and will demand good office space.

The construction of retail buildings is expected to be supported by some large projects in the pipeline. Large shopping centers such as Rocca al Mare, Ülemiste and Kristriine are planning and executing extensions. Linstow International, the owners and developers of the Ülemiste centre in Tallinn have announced a EUR30 million extension for the centre, making it the largest mall in Estonia.

Estonia recovered quickly from the financial crisis, helped by a focus on cutting expenses and reducing labor costs. This has helped in increasing the competitiveness of Estonian firms in world markets. In 2012, machinery and equipment accounted for 29% of the country´s total exports. The importance of machine building, electronics and metalworking has increased significantly in recent years and has now become one of the leading sectors for the Estonian economy. Positive prospects for the machinery and equipment manufacturing category are anticipated to increase the demand for corresponding types of manufacturing plants.

Considering the importance of the energy sector and the freight industry to the economy, and to maintain the competitiveness of Estonian manufacturing, the government is expected to maintain high levels of spending on infrastructure. Estonia has set itself the target of increasing the share of renewable energy to 25% of the total energy-mix by 2020. The country plans to build several liquefied natural gas (LNG) terminals to reduce dependence on Russian gas imports.

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