Real estate market activity at 14 year high
In the fourth quarter of 2020, a total of 14,914 real estate purchase and sale transactions were completed with a total value of €1.2 billion. The last time the number and turnover of real estate transactions were this high, was in the fourth quarter of 2006.
The total number of transactions increased by 20 percent compared to the same quarter in 2019 and by 11 percent compared to the third quarter, the Land Board (Maa-amet) said.
The total value of the transactions in the fourth quarter was €1.2 billion, which means a 31 percent increase both in annual and quarterly comparison.
In the fourth quarter, 7,407 transactions were completed of which 6,638 were accommodation dwelling transactions.
All market areas contributed to the growth. Compared to the fourth quarter of 2019, the total value of the property transactions was €81 million, of improved land €95 million and of unimproved land €115 million.
A new two-room apartment in Tallinn cost an average of €125,924 in the fourth quarter, which is €2,733 per square meter. In the secondary market, the average price for a two-room apartment was €86,231 or €1,832 per square meter.
The most costly apartments were sold in the city center and the lowest priced were in Mustamäe.
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Editor: Roberta Vaino