Tallinn Apartment Sales Are on an Upward Trend

Tallinn apartment sales are in an upward trend

In the first half of this year, 5,259 apartments were sold in Tallinn, which is 35 percent more than during the same period last year. The average price per square meter of a Tallinn apartment rose eight percent year-on-year, analyzes the Baltic region's largest real estate company 1Partner using Land Board statistics.

According to 1Partner Real Estate director Martin Vahter, this spring was similar to last year in terms of quarantine restrictions, but while people retreated for a couple of months last year, that didn't happen this year. "In terms of transaction volume, it's an active year, but not notably exceptional. For example, in the first half of 2018 and 2019, apartment transactions were made at roughly the same scale as this year," said Vahter.

"Currently, we can feel that warm weather is also affecting the real estate market, and people are spending more time surfing at the beach than browsing real estate portals. In the fall, a large amount of pension funds should reach the real estate market, and this could change the situation. Overall, the best thing is stability and not sudden jumps, which would reduce the affordability of homes and keep many people out of the market," said Vahter.

In the first half of 2021, a total of 7,160 real estate purchase and sale transactions were made in Tallinn, which is 40 percent more than last year. A square meter of a Tallinn apartment cost an average of 2,250 euros this year, which is eight percent more than last year. This year, the most expensive apartment sold for 1.1 million and last year for 890,000 euros.

In the first half of 2021, 230 developed residential land properties were sold in Tallinn, which is 105 more than in the previous year. The most expensive single-family home sold for 2.2 million euros this year and 2.1 million euros last year.

In the first half of 2021, 79 residential land plots were sold, which is 23 more compared to the same period in 2020. In the first half of this year, the most expensive plot cost 1.9 million and last year 1.6 million euros.

Additional information:

Martin Vahter 1Partner Real Estate CEO Mob: 51 32 543 [email protected]