Monthly Overview: Tallinn Apartment Prices and Transaction Numbers Did Not Rise in the Past Month
Monthly Review: Tallinn Apartment Prices and Transaction Numbers Have Not Risen in the Past Month
In April, 983 apartments were sold in Tallinn, which is two percent less than in March. The price per square meter of an apartment in the capital fell by 2.3 percent in a month to 2201 euros, analyzes the Baltic region's largest real estate company 1Partner based on Land Board statistics.
According to Martin Vahter, head of 1Partner Real Estate, a total of 1407 real estate transactions were made in Tallinn in April, which is indeed more than twice as much as a year ago at the same time, but before the coronavirus crisis, similar months still occurred from time to time.
"Since the number of offerings decreased due to the corona year, there are indeed signs of a deficit – the selection is smaller and sales periods are short, but in terms of transaction volumes, nothing extraordinary is happening now. Rather, it is a psychological effect – people have the feeling that if they don't buy now, they will be squeezed out and no new opportunity will arise. In reality, that's not the case," said Vahter.
"Real estate developers are working hard right now to get new projects up and running quickly, and the deficit won't last forever – the market will sort things out. However, since there are now plenty of rental apartments to choose from and prices are favorable, those who cannot find a suitable home to buy can freely wait a bit and look around until new projects are completed and the market calms down," Vahter said.
In April, a total of 1407 purchase and sale transactions were made in Tallinn, which is five more than in March and over 800 transactions more than a year ago at the same time.
In April, 983 apartments were sold in Tallinn, which is two percent less than in March. Compared to a year ago, apartment transaction activity this year was 116 percent higher. The average price per square meter of apartments in Tallinn fell by 2.3 percent in a month to 2201 euros, which is still seven percent higher than a year ago at the same time. In April, the most expensive apartment was sold for 700,000 euros.
In April, 37 developed residential land properties were sold in Tallinn, which is 12 fewer than in the previous month. The most expensive single-family home was sold for nearly 1.6 million.
Last month, 12 residential land plots were sold, which is two fewer than in March. The most expensive plot in the capital cost nearly 1.5 million.
Additional information:
Martin Vahter 1Partner Real Estate Executive Director Mob: 51 32 543 [email protected]
