The Analysis of Urban Planning Aspects and Development of Residential Real Estate in Tallinn, Estonia

Abstract

Abstract At the present time, the world’s population is rapidly increasing, and the existing resources, which are limited, are being significantly consumed. Due to this fact, in order to use these resources more efficiently, the concept of planning day by day gains importance in the framework of sustainable development. Although Estonia is one of the countries that has the fewest number of people in Europe, owing to its economic reliability, high development level and worldwide awareness of the field of software, Estonia has become one of the less affected countries by the crisis. At the same time, Estonia is one of European countries that executes planning for long-term economic development. The aim of the research is to analyse the interrelation aspects between urban planning and residential real estate development on different levels in Tallinn, capital of Estonia, in the context of sustainable development. Analysis and synthesis, comparison, observation, and logical deduction methods are used within the research. According to the research conducted, the price ranges of real estate objects are closer to each other in the condition towards homogeneity in residential settlements which have similar residential and planning features. It can be recommended to build a contemporary system regarding interrelation of urban decisions and tendencies within development of the real estate market, which can help investors and other market participants in sustainable, efficient, and long-term decision making.