Real estate market shrank by a fifth during emergency situation

Apartment buildings in Tallinn.
Apartment buildings in Tallinn. Source: Siim Lõvi /ERR

Data from the Land Board shows the number of real estate transactions from April to June was 21 percent lower and the turnover 20 percent lower than in the second quarter of 2019. At the same time, the price of apartments in the capital continued to rise.

From April to June, 10,236 purchase and sale transactions were made in Estonia, which is 21 percent less year-on-year and 12 percent less than in the first quarter of 2020.

Unlike in April and May, however, the real estate market recovered in June and transactions were made only 1 percent less than a year ago.

The total value of purchase and sale transactions was €682 million in the second quarter, which means a decrease of 20 percent year-on-year and approximately 23 percent quarter-on-quarter, the Land Board announced.

At the same time, the price of apartments in Tallinn increased compared to a year ago. 

In the second quarter of this year, the average price per square meter of a new apartment in Tallinn was €2,668, which was 7 percent higher than a year earlier. 

The real estate price index of the Land Board increased by almost 8 percent compared to the second quarter of the previous year and decreased by 0.3 per cent compared to the previous quarter.

Compared to the second quarter of the previous year, the price index of apartment properties increased by almost 14 per cent and the price index of built-up residential land by almost two percent, while the price index of undeveloped land decreased by almost 3 percent.


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Editor: Helen Wright

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