Land Board: Tallinn apartment prices up 16 percent on year

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Noblessner. Source: Siim Lõvi /ERR

In July, the average price of apartments in Tallinn per square meter was €2,328, up 16 percent from the same month last year, the Land Board announced on Monday.

The average price per square meter was €1,849 in Tartu and €1,612 in Pärnu, increases of 15 and 22 percent on the year, respectively.

Data from the Land Board shows that there were 4,700 real estate transactions on the real estate market in July. The number of transactions was up 6 percent compared to July last year and up 8 percent compared to June this year.

Although the activity on the real estate market showed signs of seasonality in the summer months, the number of transactions made in July this year was also higher than in 2019.

There were 1,462 transactions of undeveloped land made in July and 912 transactions of developed land, respectively 3.5 and 7 percent less than a year ago.

There were 758 transactions involving apartments made in Tallinn, also up 13 percent from last year. Sales of new apartments made up 17 percent of all apartment transactions in Tallinn.

There were 231 apartment transactions in Tartu and the total number of transactions grew by a fourth compared to last year. The Land Board noted that the number of transactions was somewhat surprising and is the second-highest number in the last decade. 266 transactions were made in August 2019.

There were 81 apartment transactions in Pärnu, up 14 percent from last year.

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Editor: Kristjan Kallaste

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