July Overview: Real Estate Market Surprised with Transaction Volume, Price Remains at Previous Level

Last month, 688 apartment transactions were completed in Tallinn, or approximately one-fifth more than in June, which according to 1Partner Real Estate head Martin Vahter is a positive sign for the entire sector.

"If we were to compare July's transaction activity to the pre-crisis years, I would have said that the sun and heat did their job and it was just one pleasant summer month. In the context of the last year or two, however, July delivered solid results," commented Martin Vahter, adding that last month a total of 884 real estate buy-sell transactions were completed in Tallinn. "Forty transactions per working day is a sign in the right direction, and we can only hope that this trend will continue," said the 1Partner head.

In July, the average price per square meter for apartments in Tallinn was 2,970 euros and the median price was 2,750 euros. The most expensive apartment in the capital sold for 1,850,000 euros. "What is noteworthy is that the average price of real estate has remained practically stable around three thousand euros, and has fluctuated by only a few percent over the months," said Martin Vahter, adding that in the case of more expensive apartments, serious price haggling continues in the market, where potential buyers are holding back, hoping that sellers would give in a bit on price. "Prices are relatively stable, and so several sellers have reached a deal quite quickly when there is real interest in buying, by adjusting the price," added the 1Partner head.

In July, a total of 884 real estate buy-sell transactions were completed in Tallinn, or approximately 3.5% more than in June. The total value of real estate transactions completed in Tallinn in July this year was approximately 142 million euros, or about 1% more than in June. Additionally, 25 developed residential land properties were sold in Tallinn, which is four more than in June.