Real estate transactions slashed by a third on year

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

November saw a total of 3,562 real estate purchase and sale transactions, which is 30 percent off last year's result and 2 percent down on October.

Transactions involving apartments for residential purposes numbered 1,823 for a reduction of 33 percent compared to November of 2021.

The activity of the apartments marked has stabilized compared to previous months and there has not been any great decline, the Land Board commented.

Undeveloped land transactions numbered 934 and housing land transactions 599 in November for a reduction of 33 percent and 35 percent respectively.

The capital Tallinn saw 667 transactions with apartments, down 40 percent year-over-year and 5 percent since October. A fourth of Tallinn's apartment sales concerned new developments.

In Tartu, 187 apartment were sold, and after an exceptionally slow October, November figures were the highest for the last three months. Still, the total number of apartment transactions fell by 13 percent in Tartu. There were 73 transactions in Pärnu, down 28 percent since last November.

The price per square meter of a Tallinn apartment was €2,942 in November for an increase of 19 percent on year. The price came to €2,508 in Tartu, up no fewer than 32 percent. Finally, the figures for Pärnu were €2,190 and 24 percent.

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Editor: Mirjam Mäekivi, Marcus Turovski

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