Real estate transactions continued to fall in Q1 2023

New build apartment block.
New build apartment block. Source: Siim Lõvi /ERR

Real estate transactions in Estonia fell by nearly a third on year to the first quarter of 2023 (Q1 2023), to 8,882 purchases totaling €895 million in value.

The number of transactions is the lowest in 10 years – in Q1 2013, the figure stood at 8,800.

Furthermore, the last time the total value of transactions in a single quarter stood at this low a level was in Q2 2020, though on month, activity picked up in March after a quiet January and February.

Q1 2023 real estate transactions quick facts (Source: Maa-amet).

  • Number of transactions fell 27 percent on year; total value fell 28 percent on year.
  • Number of transactions fell year-on-year in all 15 Estonian counties,; total value rose only in Lääne-Viru County (up around a third on year).
  • Compared with Q4 2022, transactions number fell 19 percent, and total value was down 27 percent.
  • Residential sales transactions fell by a fifth in number, compared with Q1 2022, and by 13 percent compared with Q4 2022.
  • 5,172 apartment sales transactions were made, 4,722 of which were residential properties.
  • Secondary market transactions fell by a quarter on year; new apartment transactions fell by 10 percent approximately.

Q1 2023 real estate in Tallinn, quick facts (Source: Maa-amet).

  • The average price per square meter of a new apartment in Tallinn stood at €3,723, while the price-per-square-meter rose by a tenth over the year, and by 3 percent on the preceding quarter.
  • The share of first-time sales in apartment transactions stood at 21 percent; every second new apartment was sold, in Tallinn.
  • The average price-per-square-meter of an apartment on the secondary market in Tallinn stood at €2,656, with a price rise on year of 5 percent.
  • Compared with the previous quarter, the average price of apartments on the secondary market in Tallinn fell by 2 percent.


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Editor: Andrew Whyte, Barbara Oja

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