Resort Town Real Estate Markets: More Transactions in Haapsalu, Price Increases in Pärnu and Fewer Offerings in Kuressaare

According to Kinnisvara24 and the Land Board's spring statistics, Haapsalu surprised among the resort towns with a sharp increase in transaction numbers at the beginning of the year. Pärnu is the only one of the three towns where transaction prices have risen slightly over the year, while Kuressaare has seen the number of sales listings decrease by nearly a third.

"The real estate markets of the three resort towns are strongly influenced by seasonality, as demand for short-term accommodation grows during the summer months. Therefore, when making a purchase decision, more and more consideration is being given to whether the condition and location of the property allow it to be rented out during the summer period," said Urmas Uibomäe, CEO of Kinnisvara24, highlighting this common feature of the three seaside towns. According to Statistics Estonia, last year Pärnu accounted for 12 percent of all short-term stays registered through accommodation platforms in Estonia, which was the largest share among resort towns.

Pärnu maintains the highest price level among resort towns

Pärnu clearly has the highest price level of the three resort towns. According to the Land Board, in April 2026 the median price for apartment transactions in Pärnu was 2147 euros per square meter, which is nearly twice as high as in Haapsalu and 43 percent higher than in Kuressaare. Over the year, the transaction price for apartments in Pärnu has increased by 3.3 percent.

According to Uibomäe, Pärnu is the only resort town examined where apartment transaction prices have risen in both monthly and annual comparisons. However, the difference between the listing price and transaction price in Pärnu is also the largest of the three towns.

"In Pärnu, apartment listing and transaction prices differ by 42 percent, which shows that sellers' expectations still clearly exceed the price level at which buyers are willing to complete a transaction. The location of the property is also becoming increasingly important. Along with the beach district, the rapidly developing riverfront area is attracting increasing interest among buyers," said Uibomäe.

During the first four months of this year, 251 apartment transactions were completed in Pärnu, which is 8.2 percent more than during the same period last year.

Transaction numbers in Haapsalu grew by leaps and bounds

The most striking indicator of Haapsalu's real estate market this year has been the growth in transaction activity. In the first four months of the year, 77 apartment transactions were completed in Haapsalu, which is nearly 71 percent more than during the same period last year. March was particularly active.

According to Annely Sermat, a real estate broker at Karja Kinnisvara operating in Haapsalu, the rapid growth at the beginning of the year was somewhat surprising. "Typically, the first quarter of the year on the real estate market is rather modest, and the more active period falls in the second quarter and summer months. Currently, it seems that the very active period at the beginning of the year has calmed down somewhat," said Sermat. In her opinion, the temporary increase in activity could have been due to both the realization of postponed purchase decisions and the effect of falling interest rates.

According to the Land Board, the median price for apartment transactions in Haapsalu in April was 1045 euros per square meter, which is more than 7 percent less compared to the same time last year. Uibomäe noted that transactions in Haapsalu are still relatively few in absolute numbers, so a single expensive or cheap transaction can significantly affect the median price. However, Sermat acknowledged that the share of higher-priced transactions has increased in Haapsalu. For example, this year the most expensive apartment transaction reached 490,000 euros, while a year ago the most expensive transaction was 115,000 euros lower.

According to Sermat, the most sought-after apartments in Haapsalu are 3-room units of 60-70 square meters. On the secondary market, the highest demand is for apartments priced at 50,000-70,000 euros, while in new developments the most sought-after price range is approximately 140,000-160,000 euros.

"The greatest shortage is quality 3-room apartments in new developments that come with a parking space and storage room. There is more demand than supply for such apartments," said Sermat. From the perspective of new developments, Haapsalu currently has essentially only one major active project - the second phase of the Marienholm development.

Haapsalu also stands out among the resort towns in terms of higher rental yields. In April, the rental yield there reached 5.3 percent, which was the highest figure among the towns examined. Also, Haapsalu is the only one of the three resort towns where rental yield increased over the year. In Pärnu, the yield fell during the same period from 3.60 percent to 3.29 percent, and in Kuressaare from 4.41 percent to 3.39 percent. The rental yield figure covers long-term rental transactions and does not include income from short-term accommodation.

Kuressaare has fewer listings

The Kuressaare apartment market stands out from the other resort towns by its smaller size. In the first four months of this year, 48 apartment transactions were completed in Kuressaare, compared to 51 during the same period last year. With a market of this size, a difference of three transactions does not yet indicate a clear trend.

"In April, the median price for apartment transactions in Kuressaare was 1497 euros per square meter, but with such a small market, statistics should be read carefully. Monthly price changes there can reach up to 15 percent in either direction, but this primarily reflects the structure of transactions, not necessarily an actual market trend. If a more expensive or cheaper apartment reaches a transaction, the median price moves accordingly, even if the market as a whole has not substantially changed," explained Uibomäe.

The decrease in the number of listings is more clearly evident in Kuressaare. If in April of last year there were 50 Kuressaare apartments for sale on the Kinnisvara24 portal, then in April of this year there were 36. "That is nearly a third fewer than a year ago. The decrease in the number of listings is not limited to April alone, but the same trend can be seen in the view of the first four months of this year," she added.