Land Board: July real estate transactions down 17 percent

Apartment building in Tallinn.
Apartment building in Tallinn. Source: Siim Lõvi/ERR

A total of 3,900 purchase and sales transactions were recorded on the Estonian real estate market in July, down 17 percent on year and down 15 percent compared with the previous month as well, data from the Land Board indicates.

Last month, the average cost per square meter of an apartment in Tallinn stood at €2,935, spiking 24 percent on year.

In Tartu, meanwhile, apartments' average cost per square meter increased 21 percent to €2,291, while the cost per square meter in Pärnu jumped 29 percent to €2,071.

A total of 2,198 transactions took place with apartments sold as housing in July, up 8 percent compared with July 2021. Another 748 transactions with land that has not been built on and 734 transactions with built-on land took place last month as well, down 49 and 20 percent on year, respectively.

In Tallinn, 864 apartment transactions were conducted last month, up 15 percent on year, but down 9 percent compared with the previous month.

Despite the quieter summer period, the number of apartment purchase and sales transactions in Estonia's capital this summer is nonetheless remaining above pre-pandemic levels. First sales of new apartments accounted for nearly a third of apartment-related transactions in Tallinn.

A total of 219 apartments were sold in Tartu last month, with first sales of new apartments accounting for nearly a quarter. The overall number of apartment transactions in Estonia's second-largest city decreased 5 percent on year July, but increased 2 percent compared with June figures.

80 apartment transactions were conducted in the coastal city of Pärnu last month, remaining steady on year.


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Editor: Aili Vahtla

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