Expert: Most sought-after apartments right now are those completed in this decade, not new ones

According to Sten Renar Subatšjus, the analysis director of Estonia's largest real estate office Uus Maa, only one in ten apartments sold in Tallinn today is completely new – instead, apartments built between 2015 and 2023 have become very popular.

According to Sten Renar Subatšjus, the price difference between brand new and second-hand apartments is currently large enough that many people make a rational choice. "Apartments that are up to ten years old have become very popular because they are sought by people who would otherwise have bought new ones, but can no longer afford it or simply make a more financially prudent decision. Apartments in buildings built 5-10 years ago are about 10-15 percent cheaper than brand new ones," said Subatšjus.

"Apartments built since the middle of the last decade generally meet current standards in terms of energy efficiency, comfort and quality. If slightly older properties already show signs of wear, then for example apartments built in 2021-2023 are essentially new, but with one major advantage – they are not just an empty shell where you still need to buy a kitchen and furnish everything, but typically all the furniture needed for living, right down to the curtains, is already included, and because of this, moving in is considerably more affordable," explained Subatšjus.

"The popularity of apartments up to ten years old is shown by a short sales period – if priced correctly, such a property finds a buyer in 3-6 months, whereas for a brand new apartment the average sales period is at least twice as long – a year or even a couple of years," noted Subatšjus.

"Another currently very sought-after type of property is a fully renovated apartment in an older panel or brick building. On the one hand, a person gets a modern living environment at an affordable price, and on the other hand, a well-maintained apartment is also easier to finance from a bank than one needing repairs," said Subatšjus.

According to Uus Maa's analyst, it is most difficult to find buyers for apartments built during the 2004-2007 real estate boom. "The building quality from that time was inconsistent, and a twenty-year-old building and apartment already require comprehensive modernization anyway, which becomes quite expensive for the buyer," added Subatšjus.