Monthly Overview: Silent Month – Tallinn Apartment Transaction Volume Fell 42% in January

In January, the total volume of apartment transactions in Tallinn fell 42 percent compared to December, and the average price per square meter decreased by nearly 6 percent to 2532 euros.

In the first month of the year, 691 apartment transactions were completed in Tallinn, representing a 35 percent decline compared to December and an 8 percent decline compared to January of the previous year. "After a couple of months of price and purchase rallies, this was quite expected. While the number of transactions declined, prices are still 13% higher compared to January of last year," analyzed Martin Vahter, executive director of 1Partner Kinnisvara, and also drew a comparison with January 2020, when 736 apartment transactions were made, which is comparable to the current year.

"There is no reason to expect a downtrend from this, and already in February everything will start slowly going back up," said the head of 1Partner Kinnisvara confidently, noting that the first month of the year is generally a quieter time on the real estate market. "The supply side still has significantly less selection than buyers would want," emphasized Vahter.

In January of this year, the average price per square meter of an apartment in Tallinn was 2530 euros, which this time falls 5.7 percent short of a very hot December. The most expensive apartment sold in January for 622,000 euros and the cheapest for 1,000 euros.

If you add all remaining real estate objects to apartments, you can also see large decline figures. In Tallinn, 952 real estate purchase-sale transactions were completed in January, but in December this reached 1348 transactions. The total value of real estate transactions in the capital was 137 million euros in January, which is more than 60 percent less than in December, when the total value of transactions reached 357 million euros. Compared to January of last year, the total value of real estate transactions this year was approximately 9 percent smaller.

In January, 19 developed residential land properties were sold in Tallinn, which falls 11 objects short of December's result. The most expensive residential land property with a residential purpose was sold for 550,000 euros and the most affordable for 12,050 euros. Last month, three residential land plots were also sold in Tallinn, which is 9 transactions less compared to December.

1Partner Kinnisvara publishes a real estate transaction market overview monthly. On the 1Partner Kinnisvara website, there is a price comparison graph of Tallinn real estate transactions, where you can find a simple overview of monthly changes in unit price by city district.

1Partner Kinnisvara is one of Estonia's leading real estate companies. The company's main services are real estate brokerage, valuation, management, construction, and investment management.

 

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