Monthly Review: Tallinn's Real Estate Market New Equilibrium Point is One Thousand Transactions and Three Thousand Euros per Square Meter
In October, 997 real estate purchase and sale transactions were conducted in Tallinn, and the average price per square meter of apartments reached 3,057 euros, comments 1Partner Real Estate analyst Elia Vääri.
According to 1Partner Real Estate analyst, Tallinn's market has reached a new stable level by autumn, where approximately a thousand transactions with real estate take place each month. "If in the first half of the year the monthly volume moved around 900 transactions, then by autumn the new 'threshold' seems to be a thousand and according to all expectations it will remain so at least until the end of the year," notes Elia Vääri and adds that the total value of real estate transactions reached 176 million euros in October.
During the past month, 762 apartments were sold in the capital, which is 8.5% less than in September, and the most expensive apartment found a new owner for 1,200,000 euros. "Transactions with apartments whose cost exceeds the one million euro threshold have also become more or less monthly in Tallinn and the number of such transactions has been growing slowly but steadily," commented Vääri.
The average price per square meter of apartments reached 3,057 euros in October and the median price was 2,840 euros per square meter. "Price levels are stable from month to month and we should not expect any major changes here in the coming half year. Looking at the growth of input prices related to new apartment construction, we can assume that real estate prices will turn upward when the share of new apartments in the total sales volume increases," explained 1Partner Real Estate analyst the price dynamics on the market.
In October, 36 built residential land properties and 4 residential land plots were also sold. The most expensive built residential land property was sold for 1,200,000 euros.
