Estonian Land Board: Real estate sales slow up in Q3 2022

Apartment block in Mustamäe.
Apartment block in Mustamäe. Source: Ken Mürk/ERR

Real estate sales fell on year to the third quarter of 2022 (Q3 2022) by 14 percent, data from the Land Board (Maa-amet) reveals, though the value of transactions rose by 4 percent over that period – principally due to inflation in property prices.

Transactions were more active than usual in August, but less so in September.

12,493 real estate transactions took place in Q3 2022, totaling €1.36 billion, the Land Administration says, as noted a 14 percent rise compared with the same quarter in 2021.

Between Q2 and Q3 this year, however, the number of transactions fell by 12 percent, while their total value decreased by 8 percent.

As for land, transactions fell by 26 percent on year to Q3 2022, with undeveloped land; built-up land transactions fell by 5 percent over that period.

7,289 purchase and sale transactions were made on apartment properties in the quarter, 6,656 of these constituting residential purposes.

While these transactions were unchanged on Q3 2021, the figure fell by 9 percent between Q2 and Q3 this year.

The average price per square meter of a new apartment in Tallinn stood at €3,143 in Q3 2022, unchanged on year but a fall of 11 percent compared with the previous quarter.

The average price of an apartment in the secondary market in the capital continued to rise, reaching €2,860 per square meter in Q3 2022, an annual price rise of 28 percent and a quarterly rise of 4 percent.

The Land Administration's real estate price index increased by 3 percent in Q3 2022 compared with the previous quarter, and by 25 percent year-on-year.

Compared with the third quarter of 2021, the price index for apartment properties increased by 24 percent and for undeveloped land by 40 percent, while the price index of built-up residential land remained at the same level, the Land Administration says.

The Land Board has a property prices statistics search page in English here.


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Editor: Andrew Whyte

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