A tunnel between the two cities would make Tallinn a “suburb” of Helsinki, which would substantially add to Finns’ interest in the local real estate market, CEO of developer Ober Haus, Tarmo Kase, said on April 15.
Kase said that Tallinn would become attractive as a place of residence for Finns.
Real estate market prices at the moment are about twice as high in Helsinki. A tunnel between the two capitals in the long run would mean that prices would eventually even out on both sides.
According to data of the Finnish statistics office, the average price per square meter of flats in older blocks in the city of Helsinki was over EUR 4,700 in January, compared to just EUR 1,900 in Tallinn.
The managing director of Estonia’s association of real estate companies, EKFL, Tonis Ruutel, also thinks the influence of a tunnel on the local market will be positive. (ERR/Business World Magazine)
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