Construction Market in Estonia Trends and Opportunities 2017

This report provides detailed market analysis, information and insights into the Estonian construction market, including: The Estonian construction market’s growth prospects by sector, project type and type of construction activity, Analysis of equipment, material and service costs across each project type within Estonia, Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Estonian construction market, Assessment of the competitive forces facing the construction industry in Estonia and profiles of the leading operators and Data highlights of the largest construction projects in Estonia.

The Estonian construction industry 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.

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Estonia’s real GDP growth dropped sharply from 8.3% in 2011 to 3.2% in 2012, owing to weak external demand emanating from the eurozone crisis. Reflecting weak external demand from Russia, Finland and Sweden (its key trading partners), export growth decelerated sharply from 22.9% and 23.4% in 2010 and 2011 respectively to 5.6% in 2012. Private consumption, which accounts for 52% of GDP, grew at a faster pace, from 3.6% in 2011 to 4.5% in 2012, supported by enhanced consumer spending and retail activity. Gross capital formation remained robust, recording a growth of 25.9% and 20.9% in 2011 and 2012 respectively, as new projects supported by EU funds and sale of CO2 emission allowances supported investment activity.

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.

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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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Scope

This report provides a comprehensive analysis of the construction industry in Estonia:

- Historical (2008-2012) and forecast (2013-2017) valuations of the construction market in Estonia using the construction output and value-add methods

- Segmentation by sector (commercial, industrial, infrastructure, institutional and residential) and by project type

- Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)

- Analysis of key construction industry issues, including regulation, cost management, funding and pricing

- Assessment of the competitive environment using Porter’s Five Forces analysis

- Detailed profiles of the leading construction companies in Estonia

Reasons To Buy

- Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies

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- Assess business risks, including cost, regulatory and competitive pressures

- Evaluate competitive risk and success factors

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Table of Content

8 Company Profile: AS Merko Ehitus
8.1 AS Merko Ehitus - Company Overview
8.2 AS Merko Ehitus -Services
8.3 AS Merko Ehitus - Company Information
8.3.1 AS Merko Ehitus - key competitors
8.3.2 AS Merko Ehitus - key employees

9 Company Profile: Nordecon AS
9.1 Nordecon AS - Company Overview
9.2 Nordecon AS - Main Services
9.3 Nordecon AS - Company Information
9.3.1 Nordecon AS - key competitors
9.3.2 Nordecon AS - key employees

10 Company Profile: Nordic Contractors AS
10.1 Nordic Contractors AS - Company Overview
10.2 Nordic Contractors AS - Business Description
10.3 Nordic Contractors AS - Main Services
10.4 Nordic Contractors AS - History
10.5 Nordic Contractors AS - Company Information
10.5.1 Nordic Contractors AS - key competitors
10.5.2 Nordic Contractors AS - key employees

11 Company Profile: EstNor OU
11.1 EstNor OU - Company Overview
11.2 EstNor OU - Main Products
11.3 EstNor OU - Company Information
11.3.1 EstNor OU - key competitors
11.3.2 EstNor OU - key employees

12 Company Profile: Skanska EMV AS
12.1 Skanska EMV AS - Company Overview
12.2 Skanska EMV AS - Main Services
12.3 Skanska EMV AS - Company Information
12.3.1 Skanska EMV AS - key competitors
12.3.2 Skanska EMV AS - key employees

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