Real estate activity down for second month in a row this October

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

According to data provided by the Estonian Land Board, 3,644 transactions were made on the Estonian real estate market in October 2022. The number of real estate transactions was 32 percent lower than for the same month last year, and 8 percent below the figure for this September.

1,816 transactions involving residential properties were made this October, which is 33 percent fewer than in October 2021.

981 undeveloped land transactions and 621 of developed land plots took place in October, which is a decrease of 28 and 38 percent respectively in comparison to the same time last year.

The number of apartments exchanging hands in Tallinn also fell by 33 percent on year, to just 702 this October. However, there was no great difference between the number of transactions in the capital in October when compared with the figures for September.

According to the Land Board, 28 percent of all apartment transactions in the capital this October were first sales.

In Tartu, just 109 transactions involving apartments took place this October, the lowest figure since spring 2020, before the coronavirus pandemic. The number of apartment transactions in Tartu fell by nearly 52 percent on year, and was also down by a third compared to September 2022.

In Pärnu, 70 apartment transactions took place, which is a drop of 18 percent on year.

The average price of one square meter of apartment space in Tallinn this October was €2,979, a 23 percent increase from one year before. Apartment prices in Tartu also rose, with one square meter of space costing  an average of €2,343, an increase of 25 percent on year. In Pärnu, the average cost of apartment space increased by 29 percent, to €2,021 per square meter.


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Editor: Michael Cole

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