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Total value of real estate transactions down 17 percent on year in Estonia

New apartment buildings.
New apartment buildings. Source: Siim Lõvi /ERR

The total value of transactions on the Estonian real estate market fell by 17 percent last year, amounting to nearly five billion euros, according to the Land Board's 2023 real estate market annual review.

In 2023, the Estonian real estate market saw a total of 51,107 transfer transactions, of which 40,584 were purchase-sale transactions. Compared to 2022, the number of transactions in 2023 decreased by 29 percent, including a 16 percent decrease in the number of purchase-sale transactions.

"The decreased demand also affected the total volume of financial capital involved in the real estate market, but price levels did not significantly drop against the backdrop of decreased demand," the Land Board noted.

The total value of transactions decreased by 17 percent compared to 2022.

In 2023, the majority of transactions involved apartment ownerships (55.1 percent), while the share of real estate (land properties) slightly decreased (44.4 percent). The share of building rights was very small (0.4 percent).

The number of apartment ownership (residential) purchase-sale transactions decreased by 16 percent compared to 2023, with the total value decreasing by nine percent.

Just under half (47.7 percent) of the transactions involving apartment ownerships were made in Harju County, and median apartment prices vary significantly between counties. The highest median price was in Harju County, at nearly €2,800 per square meter, and the lowest was in Valga and Ida-Viru Counties, where the median price was about €330 per square meter.

The total number of transactions involving real estate decreased by 17 percent over the year.

The total value of transactions involving apartment ownerships decreased by €0.31 billion over the year. The total value of transactions involving real estate also fell by €0.52 billion over the year, with properties designated for residential land use contributing most to the decrease.

The median prices for undeveloped residential land varied significantly across counties in 2023. The lowest median prices were in Ida-Viru and Jõgeva Counties, at €9,000 and €10,000, respectively, while the highest median price was in Harju County, at €100,000.

The median price per hectare of arable land was €6,500 euros in 2023, which is about a quarter higher than in 2022.

The highest price levels for arable land in 2023 were in Jõgeva and Põlva Counties.

The median price for forest land with growing forests across Estonia was approximately €7,139 per hectare.

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Editor: Marcus Turovski

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