Real estate transactions totaled €1.13 billion in Q3 2023, according to data of from the Land Administration (Maa-amet).

The number of residential transactions fell by 18 percent on year to Q3 2023, while the volume also fell, by 8 percent, between Q2 and Q3 2023.

5,948 transactions concerned apartments; 5,426 comprised residential premises.

Real estate transactions in Q2 2023 quick facts (Source: Land Administration)

• The volume and total value of transactions fell by 7 percent and 10 percent, respectively between Q2 and Q3 2023, while both indicators fell by 17 percent on year to Q3 2023.
• The bulk of transactions concern apartment properties (52 percent of the total)
• 23 percent of transactions related to undeveloped land
• 19 percent concerned built-up land. 
• In terms of value, transactions with apartments make up 53 percent of the total, built-up land 28 percent and undeveloped land 16 percent.
• The average price-per-square-meter of a new apartment in Tallinn rose by 31 percent on year to €4,178 per square meter; this price saw a 7-percent rise between Q2 and Q3 this year.
• The average price of a secondary market (ie. resale) apartment in Tallinn fell by 2.5 percent on year to €2,796 per square meter, but there was no substantive change posted between the second and third quarters this year.
• Outside of Tallinn, a new apartment cost on average €2,917 per square meter, an annual rise of 23 percent, but virtually unchanged on the previous quarter.
• The value of undeveloped land transactions rose by 2 percent on year, while the value of built-up land (down by 27 percent) and apartment properties (16 percent), both fell.
• Between Q2 and Q3 2023, the turnover of undeveloped and built-up land transactions rose by nearly one percent and by 6.5 percent, respectively, while the total value of transactions with apartments fell by 18 percent, between those two quarters.

--

Follow ERR News on Facebook and Twitter and never miss an update!