October Saw an Increase in Tallinn Apartment Transaction Numbers
In October, both the total number of apartment sales transactions in Tallinn and the number of new homes sold increased, making it the most active month for apartment transactions this year.
"Due to seasonality in the real estate market, autumn is usually the most active transaction period. This year, the number of transactions increased in October compared to previous months, although growth typically occurs in September," explained Lauri Laanoja, Head of Sales and Marketing at Bonava.
In October, according to unofficial Land Board data, 834 transactions were concluded with residential apartments sold as apartment ownership, which is 119 more transactions than in September. Compared to October of last year, 2023, there were 23% more apartment purchase and sale transactions in Tallinn. In total, 6,615 apartment ownership residential purchase and sale transactions have been conducted in Tallinn this year, which is 6% less than in the same period last year.
In Tallinn's new home sales figures, however, a slight increase is visible both compared to the previous month and last year. According to Citify data, 121 new homes were sold in Tallinn in October, which is 15 more than in September. When comparing October's new home sales figures to the same month last year, the increase has been 42%. Over the course of this year, the number of new home transactions has grown 16.2% compared to last year.
"There is a clear activation visible in the new homes sales market compared to last year, and the purchasing decisions of interested buyers are undoubtedly supported by the declining interest rate trend; one can also be confident about the stability of price levels today. The market is also supported by commendable active competition in the home loan market," describes Laanoja.
According to Citify.eu data, Reterra Estate sold the most new homes in Tallinn in October, and based on the results of the first 10 months of this year, Liven, Bonava, and Merko lead the new homes sales rankings.
The average price per square meter of new apartments sold in Tallinn was 4,451 euros in October, while in the same period last year the average price per square meter was 3,933 euros.
The most new homes were sold in October in the Northern Tallinn district. The most new homes have been sold this year in Haabersti, followed by Northern Tallinn and City Center. The largest selection of new homes is currently available in the City Center – 780.
