Study: Apartment Prices in Tallinn Remain Unchanged Over Six Months
According to real estate experts, major changes in Tallinn apartment prices should not be expected before early spring, as revealed by responses from 142 real estate professionals in a survey conducted by 1Partner Kinnisvara.
Half of the experts who participated in the survey believe that over the next six months, the price per square meter of Tallinn apartments will remain at the same level as in August of this year, when the average price per square meter was €3,080. "There is no clear consensus in the market regarding price changes. Although the most common opinion is that there will be no changes over the next six months, more than a quarter of respondents believed prices would fall slightly, and at the same time a fifth expected them to rise rather," commented Martin Vahter, head of 1Partner Kinnisvara.
According to experts, the general state of the Tallinn real estate market will remain stable, but the greatest growth potential is seen in different districts by region – particularly in the Old Town and Kopli, while a possible downward correction is most likely in Lasnamäe. "Since input costs are continuously rising, this price increase will naturally be reflected sooner or later in apartment prices as well, which is why the next six months seem to experts to be a good time to make a purchase decision," explained Vahter, who noted that real estate market participants generally agree that it is still more beneficial to buy an apartment than to rent in Tallinn.
The survey, conducted in September under the initiative of 1Partner Kinnisvara, involved 142 professionals, primarily real estate agents, property appraisers and developers from 55 different real estate companies operating in Tallinn. More than half of the respondents have been active in the field for more than ten years.
