Real estate price advance continues, transactions fall in first quarter
Data from the Land Board reveals 12,103 transactions of purchase and sale of real estate were made in Estonia in the first quarter with a total value of €1.24 billion, up 8 percent year-over-year. The number of transactions was down 12 percent on year.
Both the number of transactions and total transaction volume fell by roughly 25 percent compared to the previous quarter.
The total financial value of transactions of purchase and sale came to €1.24 billion that falls 26 percent short of the record Q4 of 2021.
The first quarter saw 6,819 transactions involving apartments of which 6,059 concerned residential properties.
Residential property transactions were down 2 percent from Q1 of last year and 25 percent since last quarter.
The total value of residential real estate transactions was €590 million in Q1 for an increase of 8 percent on year, despite the lower number of transactions.
The average price per square meter of a new Tallinn apartment was €3,355 in the first quarter, up 15 percent on year and 10 percent on quarter.
Prices of resale flats also continued to climb in the capital, reaching €2,530 per square meter in the first quarter, with annual price advance clocked as 25 percent and quarterly at 8 percent.
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Editor: Marcus Turovski