August Overview: August Was a Vacation Month on Tallinn's Apartment Market, Transaction Volume Declined

After a record-breaking active July, summer vacation also reached the Tallinn real estate market, with 690 apartment sales transactions completed in August, which was 13% less compared to July's 793 transactions, comments 1Partner Real Estate analyst Elia Vääri. 

The average price per square meter for apartments reached 2990 euros in August (2945€ in July) and the median price rose to 2827 euros per square meter (2769€ in July). "The average price has remained around the 3000 euro mark for a couple of years now, sometimes slightly above and then slightly below this threshold. The fact that VAT for new development transactions has risen from 20 percent to 22 and then to 24 percent has also had no impact," notes Elia Vääri and adds that the market is still dominated by secondary market apartment transactions.  

After two very active summer months, 1Partner's analyst does not find it surprising that August was somewhat quieter, and looking at the broader trend, one can say that the real estate market remains quite active. "However, the new breakthrough in the number of transactions that was expected in late spring has not materialized, nor is there any clear sign that it could come in the coming months," says Elia Vääri.  

The most expensive apartment changed hands in August for 1.21 million euros. 

In total, 870 real estate sales transactions were concluded in Tallinn last month, which is approximately 15% less than in July, when 1018 transactions took place. The total value of real estate transactions reached 154 million euros. In addition to apartments, 19 developed residential land properties and 7 residential land plots were sold during the month, with the most expensive property changing hands for 630,000 euros.  

1Partner Real Estate publishes the latest real estate transaction market overview at the beginning of each month. On 1Partner Real Estate's website, there is a price comparison graph for Tallinn real estate transactions, where you can find a simple overview of the monthly changes in per-unit price, also broken down by city districts.  

1Partner is the leading real estate group in the Baltic region with more than 20 years of experience, with offices in Tallinn, Tartu, Riga and Vilnius. The 1Partner group offers real estate brokerage, valuation, construction, development, management and investment management services. The 1Partner real estate group is the official cooperation partner of the world's largest commercial real estate consulting company JLL (Jones Lang LaSalle) in the Baltics.