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Apartment aftermarket prices in Estonia remain stable

Apartment buildings in Tallinn.
Apartment buildings in Tallinn. Source: Siim Lõvi/ERR

The prices of apartments in suburban areas of major Estonian cities have fluctuated slightly, but overall have remained relatively stable for the last three quarters. Despite this, according to experts, there is still some uncertainty on the property market.

"Tallinn's aftermarket apartment prices are slightly higher than in the fourth quarter (Q4) of 2022 and the first quarter (Q1) of last year. Back then we were living with the spirit of the energy crisis, there was a lot of panic and confusion and prices went down. Now prices are stable," said real estate analyst Tõnu Toompark.

"The average price of aftermarket apartments in Lasnamäe, Mustamäe and Õismäe has risen when compared to last year," said Ingmar Saksing, a member of the management board of real estate company LVM Kinnisvara.

Saksing added that it is also important not to forget about annual inflation. This January, the average price per square meter for an apartment in Tallinn's Lasnamäe district has been €2,261, while last year it was less than €2,200 –  around 5 percent lower. While last year there were 84 transactions made in Lasnamäe in January, Saksing predicted that this month the number will exceed 100, meaning it approximately 15 percent more transactions than in the same month in 2023.

"As far as the aftermarket in the city of Tallinn is concerned, in terms of transaction activity and the price side, both are better in terms numbers than in the same period last year," Saksing said.

According to Saksing, the average 50-square-metrer apartment in Lasnamäe currently costs around €100,000.

"If you want to consider the average, even an apartment in the same building, with the same staircase, on the same floor is often not the same. In terms of the level of the interior, the furnishings –  everything still differs to a certain extent," Saksing said.

Last year, apartments on the secondary market were cheaper in Tartu, said Siim Peets, head of the Tartu residential property department at real estate company Arco Vara.

Towards the end of the year, prices became more stable again, however, there was also less interest in buying aftermarket apartments.

"People are trying more to ask for discounts on the price, because there are not so many clients on the market, so buyers have more power," Peets said.

Peets said that in Tartu, two-bedroom apartments were the most popular. A two-bedroom apartment in an older prefabricated building in the Annelinn district costs between €80,000 and €90,000, he said. Peets believes that prices for apartments on the secondary market will remain stable in the near future.

"I don't see any increase happening in the near future. I don't see such a big drop either. It's more of a stable period at the moment, just in terms of prices," Peets said.

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Editor: Michael Cole

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