Average price of apartments in Tallinn rose to record level ({{contentCtrl.commentsTotal}})

New apartment buildings.
New apartment buildings. Source: Siim Lõvi /ERR

The average price for Tallinn's apartments' square meter rose to €2,264 in December, which is the highest level in real estate history. Compared with November, the average price for a square meter rose by seven percent, in the yearly calculations, by five percent.

The head of 1Partner Kinnisvara Martin Vahter said that at first glance, it seems strange that on one hand, the state is in crisis, and on the other hand, there has been a boom in the real estate market.

"In fact, in Latvia-Lithuania and actually in the rest of the world, the real estate markets are not falling significantly. The stock exchanges are booming, people still have money. So far, only a few sectors have financially suffered, which employees had lower income before the crisis as well," Vahter said via a press release.

Compared with December last year, 13 percent more apartment deals have been made in Tallinn.

In December, 949 apartments were sold in Tallinn, which is 4 percent fewer than in November but 13 percent more compared with last December. The average price per square meter increased by seven percent compared with November, and five percent compared with last December. The most expensive apartment was sold for €980,000.

"Psychologically people usually want to get their homes by the new year and January is already calmer and this year, the tendency was amplified."

"While, according to the general assessment of economic analysts, next year, the Estonian economy will be in a slight plus, then the same can be expected for the real estate market. But the selection of new apartments will be smaller, because some developers have stopped their projects and are still in a wait-and-see position," Vahter noted.

In December, 41 built-up residential properties were sold in Tallinn, which is eight fewer than in the previous month. The most expensive private house was sold for €925,000.

Last month, 12 residential plots were sold, which is two fewer than in November. The most expensive plot cost €325,000.

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Editor: Roberta Vaino

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