Record number of real estate transactions made in second quarter

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Residential houses in Tallinn. Source: Siim Lõvi /ERR

Data from the Land Board (Maa-Amet) shows that there were 16,400 real estate transactions made on the market during the second quarter of 2021 with the total value of transactions standing at an all-time record €1.43 billion.

The number of transactions was up 60 percent and the total value up 110 percent from the second quarter of last year. Compared to the previous quarter, the number of transactions was up by a fifth and the total value of transactions was up a fourth.

Significant growth numbers stem from a lull in activity last year with purchases being postponed due to the coronavirus and the corresponding emergency situation, the Land Board noted.

The total value of transactions in the second quarter of 2021 was at an all-time high and the number of transactions has only been higher in 2005 and 2006.

Compared to the first quarter of 2021, the turnover from undeveloped land has grown by some 45 percent and 35 percent for developed land. The turnover for apartments has grown by close to 11 percent.

Total value of transactions including dwellings was nearly €601 million in the second quarter, up 80 percent from the same period a year ago and 11 percent from the previous quarter.

In the second quarter, a new two-room apartment in Tallinn cost €139,520 on average (€3,020 per m2), the average price of previously owned two-room apartment was €96,748 (€2,045 per m2). The most expensive two-room apartments on average were sold in the Kesklinn district, the cheapest two-room apartments were in Lasnamäe.

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Editor: Kristjan Kallaste

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