Real estate sales fell in Q2 — but Tallinn property prices keep rising

Real estate transactions fell on year in the second quarter, data from the Land Board shows. However, prices in Tallinn still rose by 10 percent.
In April, May, and June, 11,126 purchases and sales took place, totaling €1.25 billion. Of these, 6,567 — 58 percent — were apartments.
Compared to the same time period in 2022, the number of transactions for residential premises fell by a fifth. But compared to the first quarter of this year, sales rose by 25 percent.
The number of new apartments sold declined by 14 percent, and the number of secondary market apartments decreased by a fifth.
Every fifth sale was for a new apartment and half of these sales were in Tallinn.
Alongside apartments, 24 percent of transitions were for undeveloped land and 17 percent for developed land.
Activity in the real estate market was higher in the spring and tailed off in June, the Land Board said, citing "seasonal reasons" as the cause.
Transitions were down 19 percent on-year in June and fell 8 percent compared to May 2023.
Tallinn property prices continue to rise
The price per square meter of an apartment in Tallinn increased by 10 percent over the last year and 5 percent compared to the first quarter of 2022.
The average price per square meter for a new apartment in Tallinn was €3,908 in the second quarter.
The average price per square meter of an apartment in the secondary market was €2,775, also rising by 5 percent compared to the previous quarter.
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Editor: Barbara Oja, Helen Wright