More High-End New Homes Sold in February
In February, 166 new apartments were sold in Tallinn, with over a third of transactions made in one project.
Last month, according to unofficial data from the Land Board, 696 transactions were concluded involving residential premises alienated as apartment ownership, which is 13 transactions fewer than in January. Compared to February 2024, there were 14% more apartment purchase and sale transactions in Tallinn.
In February, Tallinn's new home sales figures show a significant jump compared to the previous month. According to Citify.eu data, 166 new apartments were sold in Tallinn in February, which is 74 more than in January. When comparing February's new home sales figures to the same month last year, the increase is 91%.
"Of Tallinn's new development transactions, 61 were made in February in a high-rise building rising in the city center. From the remaining February transactions, a significant portion also took place in more expensive projects with square meter prices of 4,500-5,000 euros in both the Old Town and in Kristiine and Pirita. In the suburbs, the most transactions were made in developments where active final sales are underway and the offerings consist of the last few completed individual apartments. Thus, transactions stood out in homes in both the most expensive and most affordable price categories," commented Bonava's Head of Sales and Marketing Lauri Laanoja.
According to Citify.eu data, Metro Capital sold the most new homes in February, followed by Merko. YIT and TTP shared third place. The average price per square meter of new apartments sold in Tallinn in February was 4,506 euros, while in the same period last year, the average price per square meter of newly sold apartments was 4,329 euros.
The most new homes were sold in February in the Old Town, followed by Haabersti and Kristiine. The number of available new homes also grew in the Old Town, reaching 757 apartments.
The supply of rental apartments remains high; according to KV.ee data, there are 1,556 active rental listings in Tallinn. The average rental price per square meter remains at 14 eur/m2.
"Currently, there are approximately 2,600 new homes available in Tallinn, which in the current market situation represents a couple of years' worth of sales volumes. Demand in recent years has been affected by decreased affordability due to high interest rates, which is why there is currently oversupply in some product segments on the new development market. However, we expect sales figures to grow in the coming months; the affordability of new homes has clearly improved through the decline in interest rates," said Laanoja.
