Tallinn's New Apartment Market Remains Active
According to the Land Office, 694 transactions were concluded in Tallinn in August with residential premises sold as apartment ownership. Compared to 2024, there were 5% fewer apartment purchase and sale transactions in Tallinn in August. The volume of new apartment sales, which jumped in May, has remained at a higher level, reaching 146 units sold in August, which is 54% more than the same period last year.
"While the higher number of new apartment transactions in May and June could be attributed to the impending VAT increase, in July and August sales figures have remained at the same level, which suggests that the market for new homes has generally become more active," commented Bonava's Sales and Marketing Director Lauri Laanoja.
Over the first 8 months of this year, 16.7% more transactions with residential premises have been concluded in Tallinn than in the same period last year. "New apartments have been sold this year at 1000 units, last year by August, Tallinn had sold 676 new homes, so we are currently seeing a 48% increase in new residential sales figures this year," added Laanoja.
Most new homes were sold in August, according to Citify.eu, by Novira Capital, followed by Liven and Arco Vara. The average price per square meter of new apartments sold in Tallinn in August was 4454 euros. Most new homes were purchased in August in the City Centre, followed by Haabersti and North Tallinn. The most new apartments on offer are in North Tallinn (775), Haabersti (679) and the City Centre (673), with the least selection in Nõmme (70) and Pirita (88).
"Buyers have continued to be interested both in higher-priced homes in the city center and waterfront developments as well as larger-scale suburban projects, so the market is quite balanced," stated Lauri Laanoja.
The supply of rental apartments has increased compared to the beginning of summer. Based on listings on the market, there are 1340 active rental listings in Tallinn, while at the beginning of summer this was around 1200, so the supply of rental homes has increased by 11%. Rental prices have been on an upward trend since the beginning of spring, reaching 14.6 euros per square meter in August, which is the highest price level in the past couple of years.
