November Overview: Number of Real Estate Transactions Decreased, Average Price Firmly Above 3000€
In November, 862 real estate purchase and sale transactions were completed in Tallinn, with the average price per square meter for apartments rising to 3078 euros, according to 1Partner Real Estate analyst Elia Vääri.
Last month, a total of 862 real estate purchase and sale transactions were concluded in Tallinn, with the total value of transactions reaching 153 million euros. According to 1Partner Real Estate analyst Elia Vääri, the total number of transactions was smaller than the previous month, but overall market activity has remained at a steady level. "The big picture is similar to last month, although there was a decline in the number of transactions. Some of the difference comes down to the different number of working days in a particular calendar month, where November had fewer working days and this also affected the number of transactions. However, the numbers per working day were almost identical - in November there were an average of 43.1 transactions per working day and in October 43.7," explains Vääri.
The number of apartment transactions in the capital was also affected by the smaller number of working days, which in November was 693 and thus fell a tenth below October's 771 transactions. "Looking at the historical average of the last couple of decades, which real estate expert Tõnu Toompark has recently calculated at 684 apartment transactions per month, November also exceeded this figure," notes 1Partner's analyst, for whom the key word is stability, which is why no major lasting changes are expected in the near future. "Looking at history, December could be a busy month for transactions and January in turn quieter, but on a larger scale the market is still at the same level," adds Vääri.
The average price per square meter for apartments reached 3078 euros in November (3069€ in October) and the median price was 2852 euros per square meter (2844€ in October). The most expensive apartment sold in Tallinn for 789,000 euros. In addition, 21 developed residential land properties and 9 residential land plots were sold last month, with the most expensive property changing hands for 1,000,000 euros.
