Monthly Review: Real Estate Transaction Volume Exceeded 200 Million Euro in May

In May, 955 real estate purchase and sale transactions were conducted in Tallinn, and the total value of transactions exceeded the 200 million euro threshold for the first time this year, which is approximately 7% higher than in April and 38% higher than a year ago, commented 1Partner Real Estate analyst Elia Vääri.

According to the analyst, the recent months on the Tallinn real estate market have passed in a very similar rhythm, where transaction activity fluctuates from month to month by only a few percent, and the average price per square meter of apartments remains around 3000 euros. "The market remains stable, but at the same time is noticeably more active compared to last year's spring," confirmed Elia Vääri.

Last month, 764 apartments were sold in Tallinn, which is essentially at the same level as in April, but compared to the same period last year, apartment transaction activity has increased by approximately 18%. "At the same time, we see that the predicted new leap or even jump in transaction activity has not yet occurred before the VAT increase on new development prices at the beginning of July, and although there is still one month to go, it is unlikely to happen," notes 1Partner Real Estate analyst.

The average price per square meter of apartments in May was 2938 euros (2061€ in April) and the median price was 2729 euros per square meter (2883€ in April). The most expensive apartment changed hands for 1 157 000 euros.

In addition to apartments, 29 developed residential land properties were sold in the capital last month, the most expensive of which was priced at 1 099 000 euros, and 7 residential land plots, the cheapest of which was 132 000 euros and the most expensive 872 300 euros.