Real estate transactions were down by 17 percent in Estonia on year to the third quarter of 2023 (Q3 2023), both in terms of volume and in terms of value of transactions.
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.
Editor: Andrew Whyte, Barbara Oja