Real estate transactions fell 15, turnover 3 percent in 2022
The total number of real estate transactions in Estonia fell by 15 percent on year in 2022, including purchase and sale transactions by 18 percent on year. The real estate market's total turnover stood at €5.8 billion, down 3 percent on year.
Last year, a total of 61,109 transfer transactions took place on the Estonian real estate market, 49,799 of which were purchase and sale transactions.
More than half, or 55 percent, of all transactions involved apartment ownership; transactions involving immovable property accounted for the other 45 percent. The total number of apartment ownership and immovable property transactions fell by 7 and 23 percent, respectively, on year.
Despite the reduction in the overall number of transactions, the total value of apartment ownership transactions completed last year nonetheless increased by €350 million. At the same time, the total value of immovable property transactions fell by €560 million on year.
May marked the busiest month on the Estonian real estate market last year, when the number of real estate transactions reached some 6,300. December, meanwhile, was the slowest month, with the overall number of transactions dropping to 4,500.
The median prices of undeveloped residential plots varied significantly by county last year. While the median price of transactions for such properties in Jõgeva, Võru and Põlva counties all stood at nearly €11,000, marking respective increases of 19, 13 and 10 percent on year, in Harju County the median price went up 37 percent on year, soaring to nearly €90,000.
In 2022, the median price of a hectare of arable land was €5,183, marking an increase of one quarter on year. The highest prices for arable land were recorded in Tartu and Põlva counties last year, where the median price of a hectare stood at €6,170 and €6,110, respectively.
The number of purchase and sales transactions of apartment ownerships sold as dwellings last year fell by 8 percent compared with 2021, however the total value of these transactions nonetheless grew by 10 percent.
One in two apartment-related transactions were conducted in Harju County. Nearly one fifth of all transactions involved new apartments, and 97 percent of all new apartment-related transactions were conducted in either Harju County, Tartu County or Pärnu County.
The median price of apartments differed considerably by county as well. The highest median price was recorded in Harju County at nearly €2,600 per square meter, while the lowest were recorded in Valga and Ida-Viru counties at less than €330 per square meter.
The median price can vary several times over within the same county as well. For example, in Tartu County, the median price of apartment transactions in Räni, a small town (alevik) on the outskirts of Tartu, was driven up by new developments to more than €200,000; meanwhile, in the city of Kallaste, located on the coast of Lake Peipus, the median price was just €4,000.
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Editor: Aili Vahtla