Real Estate Transactions on the Rise

Apartment houses in Tallinn Photo: Postimees/Scanpix
2/12/2014 11:43 AM
Category: Economy

More than 41,000 transactions worth two billion Euros were notarized in 2013, up from 35,000 the year before.

The number of real estate transactions increased by 15 percent last year, and the value of those transactions increased by 18 percent over 2012 levels, Statistics Estonia reported today. The rise in the number of transactions was the highest since the economic downtown, which began in 2007.

The average price of a real estate transaction in Estonia was 48,000 Euros, a 2 percent rise from 2012. The growth of the number of transactions was due in large measure to an increase in the number of apartment transactions, which accounted for half of all sales. Transactions with apartments saw a 15 percent rise from 2012, and the total value of those transactions increased by a quarter.

Southern Estonia and northeastern Estonia saw the largest jump in the value of purchase-sale transactions, at 16 percent from 2012. Northern Estonia was 10 percent more expensive. The purchase value in central Estonian remained constant, while western Estonia saw a 10 percent decrease.

The average price per square meter in 2013 was 840 Euros, a 10-percent climb from the previous year. The price per square meter increased 14 percent in Tallinn, 13 percent in Tartu, and 5 percent in Pärnu.

Transaction activity is still 30 percent lower than the pre-recession year of 2006.

 


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