Monthly Review: Tallinn Apartment Transaction Numbers Made a Significant Jump, Average Price Per Square Meter 2926 Euros

In March, 812 apartment sales transactions were conducted in Tallinn, which is 31% more compared to the previous month. The average price per square meter was 2926 and the median price per square meter was 2769 euros.

According to 1Partner Real Estate director Martin Vahter, March results point to an expected livening of the market. "It is important to note that the increase in transaction numbers did not come at the expense of price reductions, and this indicates a natural growth in buyer activity. In the coming months, we are unlikely to see any sharp price changes, and currently we are going through a U-shaped bottom," said Martin Vahter.

"Although Eesti Pank forecasts an economic decline of 0.6% for this year, the labor market has remained strong and so consumer confidence in home purchases is also recovering," described Martin Vahter.

At the same time, the 1Partner Real Estate director confirmed that the overall mood is calm. "People have managed their loan obligations and there has been no sales pressure on the developer side either," Vahter summarized what is happening in the market and noted that the main trend of the past six months has been letting air out of the prices of real estate that was pushed into sales with exaggerated wishes during the boom times.

The most expensive apartment in Tallinn was sold in March for 1,043,611 euros.

If, in addition to apartments, we also take into account other objects that changed ownership in March, then a total of 993 real estate purchase and sale transactions were conducted in Tallinn, which is approximately a third larger result compared to February. Compared to March 2022 (1126 transactions), the number of transactions decreased by 12%.

The total value of real estate purchase and sale transactions in March was approximately 178 million euros, which is 46% more than in February. Compared to March of the previous year, the total value of transactions decreased by 5.5%.

In March, 16 developed residential land properties were sold in Tallinn, which is a result 4 units larger than in February.

1Partner Real Estate publishes the latest real estate transaction market overview at the beginning of each month. On the 1Partner Real Estate website there is a price comparison chart of Tallinn real estate transactions, where you can find a simple overview of monthly changes in the cost per unit area also broken down by city districts.