December Ended the Year on a Course Characteristic of the Past Year

According to data from Estonia's largest real estate agency Uus Maa, December's real estate market did not bring any significant surprises – indicators remained within the year's average ranges and the secondary market continues to be the engine.

According to Sten Renar Subatšjus, head of the analysis department at Uus Maa Real Estate Agency, December's indicators likely set the course for the new year – in which direction and at what pace we will move. "Transaction activity is not slowing down and prices are not falling, we can only wait to see how significantly the loss of the tax deduction will boost this trend in 2026," said Subatšjus.

On Tallinn's apartment market, 705 purchase and sale transactions were completed in December. The number of transactions declined by approximately 16% compared to last year, and the magnitude was the same compared to November. The average square meter median price increased by less than 1% compared to the same period last year and by less than 1.2% compared to the previous month – essentially unchanged. "Whether this is the calm before the storm or we continue on a similar stable course in the new year, we will likely see already in the first months of the year," analyzed Subatšjus.

Tartu's apartment market remained at a low level in December as well, around the 100 transaction mark – 107 transactions. Compared to last year, the number of transactions in December fell 26%, but compared to November, the level remained unchanged. The square meter median price of apartments declined 7% compared to last year and 9% compared to the previous month, standing at €2,188/m² in December. "Likely, Tartu is also in a waiting position to see what the new year will bring," commented Subatšjus.

In Pärnu, 45 transactions with apartments were concluded in December, which is 15% lower compared to last year and 12% lower compared to November. The median price also showed a decline – over 5% compared to last year and over 10% compared to the previous month, falling to around €1,900/m² in December. "For Pärnu, this was a typical quiet off-season winter month," noted Subatšjus.

Narva's apartment market also showed year-average results in terms of transaction volume in December – 62 transactions. Compared to the same period last year, almost 15% more transactions were made, while the level compared to the previous month remained the same. The median price, however, showed the second highest result of the year, standing at €459/m² in December, which is as much as approximately 19% higher compared to last year and approximately 20% higher compared to November. "By transaction volume, Narva's market appears unchanged, but December's strong average median price may give positive hope for the Ida-Virumaa market for the new year," noted Subatšjus.