Real Estate Price Leaders in Tallinn Suburbs Are Kiili and Viimsi Municipality
The apartment market in Tallinn's neighboring municipalities and towns has become noticeably more active since March, particularly in Maardu town and Kiili municipality, where the number of transactions increased month-on-month by 100 and 87.5 percent respectively. Kiili municipality also stood out with the highest median price per square meter for apartments, which reached 3,320 euros in March.
According to Kinnisvara24's statistics center and Land Board data, a total of 476 apartment transactions were conducted in Tallinn's eight largest neighboring municipalities and towns in the first quarter. Compared to a year ago, this is 11.4 percent fewer, but March showed clear growth in activity within the quarter, pointing to a recovery in spring purchasing interest.
"Against the backdrop of Tallinn's high apartment prices, buyers are increasingly seeking more affordable alternatives in neighboring municipalities and towns. If all apartment transactions in Tallinn's neighboring municipalities are combined, their total number exceeds the number of transactions in Lasnamäe, the city's most active district," said Kinnisvara24 CEO Urmas Uibomäe.
In the overall quarterly view, Saku municipality and Keila town stood out, where the number of transactions increased by approximately a quarter year-on-year. The largest decline occurred in Harku municipality, where transactions were conducted about a third less than a year earlier, and the March result also fell short of February. At the same time, Maardu and Kiili showed strong growth in March, with transaction numbers nearly doubling there.
In the overall picture, Rae municipality stands out clearly, where transactions are conducted almost twice as much as in neighboring municipalities. This reflects consistently high demand, supported by development activity. Saue municipality also distinguishes itself among others in terms of the total volume of apartment transactions.
The highest median price per square meter for apartments in March was in Kiili and Viimsi municipalities, both exceeding 3,300 euros. These were followed by Rae and Harku municipalities. The most affordable price area in Tallinn's immediate vicinity continues to be Maardu, where a square meter cost nearly twice as much less compared to Kiili.
Median prices in most neighboring municipalities and towns have increased year-on-year, most significantly in Viimsi municipality. In Harku municipality, the price level remained at the previous year's level, and Keila's apartment median price decreased slightly. According to Uibomäe, it should be taken into account that the completion of individual new developments can also significantly affect the median price in smaller areas. For example, the completion of Allika homes in November of the previous year raised Keila's apartment median price to 3,524 euros.
In the residential property market, the number of transactions in the first quarter increased compared to a year ago in Saue and Kiili municipalities and Keila and Maardu towns. Saku, Harku, and Viimsi residential markets fell short of last year's figures. The largest decline occurred in Saku municipality, where the number of transactions decreased by a third year-on-year. In terms of numbers, the most residential transactions were conducted in Saue municipality.
