Monthly Review: More Transactions and Higher Prices, Tallinn Apartment Market Grew Well in August
Last month, activity in Tallinn's apartment market grew noticeably, with 718 transactions completed and the average price per square meter rising to 3076 euros, commented Martin Vahter, head of 1Partner Real Estate.
"A second bright month in a row, we didn't see the passive summers of previous years, and instead we've observed nice growth in both July and now August," commented Martin Vahter, head of 1Partner Real Estate, adding that in total 913 real estate transactions were completed in Tallinn, or on average approximately 43 transactions per working day. "The health of the market is primarily indicated by the number of transactions, not so much by the average price, which can sometimes be influenced by a few individual transactions," emphasized Vahter.
The average price per square meter of an apartment in Tallinn was 3078 euros, which is approximately 4% more than the same period last year. "In reality, the difference compared to a year ago is even greater, because back then the average price in the statistics was held higher by the completion of contracts concluded at the end of some peak years," explained Vahter, and added that the median price rose in August to 2927 euros per square meter, which is over 6% higher compared to July's 2751 euros.
"The so-called accumulated demand repeatedly discussed in spring is being realized through transactions and this gives hope that autumn will also be active in the apartment market. The growth in real estate market activity is confirmed by real estate agents, appraisers, banks and notaries," said Vahter, according to whom homebuyers' decision-making confidence is recovering along with the decline in Euribor.
The most expensive apartment in Tallinn was sold in August for 986,100 euros. Additionally, in August, 21 developed residential land properties were also sold in Tallinn, and the total value of all real estate transactions reached 156 million euros, which is 9% more than in July and as much as 27% more than in August 2023.
1Partner Real Estate publishes the latest real estate transaction market overview at the beginning of each month. On the 1Partner Real Estate website you can find a price comparison chart of Tallinn real estate transactions, where you can find a simple overview of monthly changes in the cost per unit of area also broken down by city districts.
1Partner is the leading real estate group in the Baltic countries with more than 20 years of experience, with offices in Tallinn, Tartu, Riga and Vilnius. 1Partner group provides real estate brokerage, valuation, construction, development, management and investment management services. 1Partner real estate group is the official cooperation partner in the Baltics of JLL (Jones Lang LaSalle), the world's largest commercial real estate advisory company.
