Tallinn's Apartment Market Showed Its Weakest Result in August This Year
According to Estonia's largest real estate office Uus Maa, August following the record-breaking July showed the lowest activity this year. According to Sten Renar Subatšjus, head of the analysis department at Uus Maa Real Estate Office, the volatility of July and August figures still reflects the balance prevailing in the market. "Throughout this year, the six-month average number of transactions in Tallinn apartments has remained around 750 and the six-month average median price has stayed around 2,800 €/m2, which indicates stable performance of the real estate market," analyzed Subatšjus.
Tallinn apartment market saw 694 buy-sell transactions in August, which marks the weakest result this year. Compared to last year, the number of apartment transactions fell by over 5% and compared to July by as much as 12%. The median price fell nearly 4% compared to the same period last year, but rose 2% compared to July. "This year's unusually active spring-summer period finally slowed down in August," said Subatšjus.
Tartu apartment market was in decline again in August after a positive July. Transactions were 17% fewer compared to last year and 10% fewer compared to July. The median price per square meter of apartments fell nearly 9% compared to the same period last year and 3% compared to July, showing the typical pre-autumn activation in the university city. "The pre-autumn activation in the university city that began in July did not unexpectedly continue in August," commented Subatšjus.
Pärnu apartments saw 85 transactions concluded in August, which is at the same level as last year, but 13% more compared to July. The median price of Pärnu apartments has been rising for eight consecutive months compared to last year, standing at 2,192 €/m2 in August. Compared to July, the median price rose 5%. "Pärnu city was the only one among the larger cities where August statistics showed positive figures compared to last year," noted Subatšjus.
Narva apartment market saw no major changes in August and figures remain negative compared to last year. 55 transactions were concluded, which is nearly 13% fewer, and the median price fell nearly 20% compared to the previous year. Compared to July, the number of transactions fell 8%, but the median price rose 2 percentage points. "The numbers reflect that the Narva real estate market still does not show signs of recovery," noted Subatšjus.
