The Average Price of New Apartment Offers Has Risen Above 5000 EUR/m2
According to land registry data, 747 transactions were concluded in April for residential apartments sold as owner-occupied dwellings, which is 38 more transactions than in March. Compared to April 2024, there were 8.6% more apartment purchase and sale transactions in Tallinn.
Tallinn's new home sales figures have remained at a very similar level month-to-month this year, and for the second year in a row, the usual seasonal increase in spring transaction volumes has not occurred. According to Citify.eu data, 103 new apartments were sold in Tallinn in April, which is nearly equal to the March result. Comparing the new homes sales figure for April with the same month in 2024, there is a 6% increase.
"The number of Tallinn new apartment transactions in recent months has remained very stable, reaching 100 units per month, which is similar to the same period last year. However, what stands out is the increase in the average price per square meter of sold homes, which has risen more than 10% compared to the previous month. This was influenced by more transactions shifting to the higher price segment in North Tallinn," commented Bonava's sales and marketing director Lauri Laanoja.
Merko sold the most new homes in April, followed by Endover and Pro Kapital Group. According to Citify.eu data, the average price per square meter for new apartments sold in Tallinn in April was 4,892 euros, compared to 4,546 euros in the same period last year. The most new homes were purchased in April in North Tallinn, followed by Haabersti and City Centre. The City Centre also has the most new apartments available (774), with the smallest selection in Lasnamäe (58) and Nõmme (65).
The number of rental apartment listings has declined by 10% compared to the previous month, according to kv.ee data, there are 1,360 active rental listings in Tallinn. So far, Tallinn's rental supply has remained above the 1,500 apartments level.
"The average price of Tallinn's new apartments currently on the market has for the first time exceeded 5,000 euros per square meter, which results from both more exclusive apartments entering the market and the general increase in input prices, affecting the construction price of new projects. The selection of more affordable new apartments, that is those with an average price per square meter of up to 4,200 euros, is largest in Haabersti and Mustamäe," highlighted Bonava's sales and marketing director.
