Is a Single-Family Home Cheaper Than an Apartment?

Apartment and private house prices have reached an interesting situation at their price level, where building and purchasing a private house is more affordable in today's market conditions than acquiring an apartment.

In Tallinn, the average price per square meter rose in November 2018 compared to October 2018 by 4.4% and was 1695 euros per square meter, which is a record for the post-boom period and 2018. This calculation includes all apartment transactions, including cheaper/older apartments. The average price per square meter for new apartments for sale in Tallinn and Harjumaa rose above 2500 euros for the first time, driven by new city center projects. This makes the price of a 120 m2 apartment 300,000€.

For comparison, we present the costs of building a house. Purchasing a property in areas surrounding Tallinn, such as Viimsi, Muuga, Kiisa, Suurupi, Tabasalu, etc., is approximately 50,000€.

The price of a house is naturally largely dependent on the builder's own wishes and possibilities, but the average construction price today is 1500€/m2. For example, this makes the price of a 120m2 house with land 230,000€.

The advantages of a house, in addition to privacy and your own garden, are naturally that when building yourself, it is possible to design the house based exactly on your wishes and needs. With an apartment, compromises often have to be made either in terms of location or layout.

If you have decided in favor of a private house, we certainly recommend that you familiarize yourself with Omatalo projects.