Tallinn Apartment Market Exceeded 800 Transactions for First Time in September This Year
According to Estonia's largest real estate office Uus Maa, September was the most active month on the real estate market this year.
According to Sten Renar Subatšjus, head of the analysis department at Uus Maa Real Estate Office, September's transaction figures reflect the active pace of the real estate market throughout this year. "If an average of approximately 650 transactions were made with Tallinn apartments during the first nine months of last year, then the average number of transactions for the same period this year is around 750," analyzed Subatšjus.
Tallinn apartment market saw 833 sales transactions in September, marking this year's strongest result. Compared to last year, the number of apartment transactions rose by 16% and compared to August by 20%. The average square meter median price rose by 3% compared to the same period last year and by 1% compared to August. "The market took a breather in August to surprise with a record transaction result in September, but prices remain at the same level," said Subatšjus.
Tartu apartment market shows stability – for the third consecutive month, over 170 transactions were made. In September, 176 transactions were made, which is approximately 3% more than last year. The median price per square meter for apartments was 2 254 €/m2 in September, which is one of the lowest results of this year. Compared to the same period last year, the square meter price fell by approximately 6% and by 3% compared to August. "By transaction volume, the Tartu market shows stabilization, but the average square meter price is declining," commented Subatšjus.
Pärnu saw 72 apartment transactions concluded in September, which is a 22% higher result compared to last year, but 18% lower compared to August. After eight months of upward trend compared to last year, in September Pärnu's apartment median price was actually 14% lower compared to last year – 1 896 €/m2. Compared to August, the median price fell by over 15%. "The market was active by transaction volume in September, but the lower average square meter price reflects that the summer resort season has ended," noted Subatšjus.
Narva apartment market was surprisingly active in September. 73 transactions were made, matching this year's best result from January. Compared to the same period last year, 22% more transactions were made and compared to August as much as 33% more. The median price, however, fell below 400 €/m2 again, being 398 €/m2 in September, which is approximately 26% lower compared to last year and 7% lower compared to August. "By transaction volume, the Narva apartment market was also active, but prices remain in the doldrums," noted Subatšjus.
