Real estate transaction down by a third on year in February

Apartments in Estonia.
Apartments in Estonia. Source: Siim Lõvi /ERR

While the number of real estate transactions was down by roughly one-third in February year-over-year, the price per square meter is still higher than it was in 2022.

Transactions of purchase and sale totaled 2,633 in February. Market activity was down for all transaction types. Apartment sales fell by more than 20 percent to 1,434 in February, transactions with unimproved land by 44 percent to 663 and improved land by 32 percent to 390.

Compared to January, the number of transactions grew by 4 percent, with apartment sales up 10 percent. The number of purchase and sale transactions differed greatly from one county to another, with Tallinn seeing over 1,000 transactions, Tartu 280 and Hiiu County just 11.

There were 619 transactions involving apartments in the capital, down 13 percent on year. Transactions with new apartments grew by 29 percent, while second-hand apartments were down around 25 percent.

In Tartu, 92 apartments were sold for a reduction of 45 percent on year. The trend was the opposite in Pärnu where the transaction volume grew by 65 percent to 89.

The average price per square meter for Tallinn apartments was €2,965 in February, up 9 percent on year. The price was €3,647 per square meter for new apartments and €2,667 for second-hand apartments.

The average price per square meter came to €2,458 in Tartu for an annual growth of 22 percent. This was €2,345 and roughly 20 percent for Pärnu.


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Editor: Marcus Turovski

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