Monthly Review: Average Square Meter Price Rises to Multi-Year Record Level

The number of apartment transactions in Tallinn fell in January, but the average price per square meter rose to 3,193 euros, which is the highest since December 2023, when the price reached a record high of 3,353 euros, comments 1Partner Real Estate analyst Elia Vääri.

Last month, 621 apartments were sold in Tallinn, which is nearly 12% fewer than in December, when 707 apartment transactions took place despite significantly fewer working days. "January is historically a leaner month for transactions, especially compared to December, but today we can say that the smaller number of transactions combined with higher prices has been rather a trend of the last few months," analyzes Elia Vääri of what is happening in the capital's real estate market.

The average price per square meter of apartments reached 3,193 euros in January, which is over 3% higher compared to December's 3,092 euros. "The average price was higher than this last more than two years ago, in December 2023. Last year's highest figure was 3,136 and it was recorded in June, that is, immediately before the VAT increase," notes 1Partner's analyst and adds that the median price also rose by more than 3%, reaching 2,987 euros per square meter (2,897€ in December).

In January, a total of 800 real estate transactions were concluded in Tallinn and the total value of real estate transactions reached 165 million euros. The most expensive apartment was sold last month for 1,000,000 euros. In addition, last month 15 built-up residential land properties and 4 residential land plots were sold in Tallinn, with the most expensive property changing hands for 699,000 euros.