Monthly Review: Tallinn Real Estate Prices Follow History's Longest Plateau
In November, 676 apartment transactions were made in Tallinn at an average price of 3061 euros per square meter, which is an almost identical result to the two preceding months, commented Martin Vahter, CEO of 1Partner Real Estate, adding that he cannot recall a period from recent history when the market had remained in such precise alignment for three consecutive months.
"It wasn't months like twins, but surprisingly triplets instead," commented 1Partner Real Estate's head, who noted that the capital's real estate market has been very similar even over the last five months. "This is truly the longest plateau in history. After a couple of strong late spring months, there was a slight dip downwards and now we're all standing here together and waiting," added Vahter.
According to Vahter, the market continues to be driven by transactions in secondary market apartments. "At the same time, it seems that the prolonged period of 'dawdling' in new developments has come to an end and several developers have pulled prices down noticeably. How such steps will affect market activity, we'll see over the coming couple of months," said Vahter.
"In the new year, the number of transactions will gain new momentum as soon as price corrections in new developments are joined by good news about Euribor," predicted Martin Vahter.
The median price per square meter for Tallinn apartments in November was 2954 euros, or approximately 6% more than in the same month last year. The most expensive apartment sold in November for 770,000 euros.
In November, 835 real estate purchase and sale transactions were made in Tallinn. The total value of real estate transactions was approximately 133 million euros, or about 4% less than in October and 19% less than in November of the previous year.
