Families Have Rediscovered Tallinn's Old Town

Tallinn's Old Town has become an increasingly attractive place to live after many years, both among locals and those returning from abroad.

Tallinn's Old Town, which is on the UNESCO World Heritage list, has been very popular in recent decades among foreigners who have seen a unique opportunity here to invest in exceptional heritage at reasonable prices and earn rental income or use it for personal purposes.

Recently, the previous trend has begun to change. Whereas in earlier years the Old Town was not the first choice among local residents, increasingly more Estonians have appeared on the market for whom the Old Town is exactly the first choice.

Family apartments are being sold

According to statistics, in the last three years, half of the apartments sold have been three-room or larger, which is a clear indicator that apartments are being viewed not for earning rental income but for personal use and rather for larger families.

On average, fewer than ten apartments are sold per month, and the average square meter median price level has fluctuated in the range of 3500-3900 euros per square meter over the last two years, which is much more affordable than the price level of more exclusive apartments in the areas surrounding the Old Town.

Who prefers to move to the Old Town?

Based on my own experience, I can say that the buyers are most often local Estonian families and international/Estonian mixed families. In addition, those who are returning from abroad.

Below I outline the biggest reasons why the Old Town is preferred:

• Convenient logistics (children can move around on their own, workplace in the city center, can get around without a car).
• Good choice of schools.
• Historical architecture, high ceilings, unique buildings.
• Exclusivity and uniqueness.
• Reasonable price range, the opportunity to renovate a tired-looking apartment into a stylish home.

If previously the lack of car parking options was somewhat limiting, then thanks to the diversification of transportation options, attitudes toward car ownership when living in the Old Town or city center have changed – in many families there is no longer a need for two cars or in some cases for one at all.

In the Old Town and its surroundings, there is a selection of entertainment, sports facilities, good restaurants, recognized schools, and excellent logistics in all directions necessary for a comfortable life.

In conclusion: it seems that the "low point" of the Old Town's unpopularity is slowly coming to an end and people are once again finding their way there to live in an exciting and unique environment.

Kairi Vanem, Uus Maa Luxumi real estate agent