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.
Editor: Andrew Whyte, Barbara Oja