Real Estate Review: Tallinn Apartment Market Saw 16% Transaction Surge in March

In March, 772 apartment transactions were conducted in Tallinn, which represents an increase of more than 16% compared to February, according to 1Partner Real Estate analyst Elia Vääri. The most expensive apartment was sold in March for 1,750,000 euros.

While the number of apartment transactions increased by 16% compared to February, it grew by 7.5% compared to March of last year. "March is typically always the beginning month of spring activity in the real estate market, and it's positive to see moderate growth compared to March last year, considering that the beginning of the year has been somewhat slower than the previous year," says Elia Vääri. The total value of apartment transactions increased by 12.5% month-on-month and was also 8% higher year-on-year.

The average price per square meter of apartments in March was 3,041 euros (3,117€ in February) and the median price was 2,801 euros per square meter (2,891€ in February). "Although the average price decreased slightly compared to February, it has remained above the 3,000 euro threshold in recent months, which is becoming the current equilibrium point of the apartment market," comments Vääri.

Last month, a total of 955 real estate transactions were conducted in the capital, which is more compared to both February (822 transactions) and March of last year (939 transactions). The total value of real estate transactions reached 165 million euros, which is nearly 21% more than the previous month. In addition to apartments, 26 developed residential land properties and 4 residential land plots were sold in Tallinn in February. The most expensive property changed hands for 1,240,920 euros.