Tallinn Apartment Prices up 16% in 2011
The average price per square meter of a Tallinn apartment rose 16 percent in 2011.
Additionally, the total sum of apartment sales transactions in the capital increased by 20 percent year on year, Postimees reported.
The market has been particularly ramping up in recent months. In December, the number of sales rose by 9 percent compared to the previous month to reach 611, while total transaction costs increased 4 percent to 36.7 million euros.
According to Martin Vahter, executive director of the real estate agency 1Partner, the initially-predicted pre-Christmas sales drop never occurred and the December activity exceeded all hopes.
"Sales volumes even rose compared to November and December of 2010, which were remarkably active due to the pre-euro changeover period,” said Vahter.
People are seeking to turn their spare funds into more solid assets, Vahter concluded.