Land Board: New apartment prices in Tallinn up 14 percent on year
According to the Estonian Land Board (Maa-amet), the number of real estate transactions completed in the first quarter (Q1) of 2024 was five percent lower than during the same period in 2023, while the total value was six percent higher. In Tallinn, the average price per square meter of new apartments increased by 14 percent on year.
In the first quarter of 2024, there were a total of 8,412 transactions, with a combined value of €950 million, according to the Land Board. The number of transactions was five percent lower in Q1 2024, while the total value was six percent higher than in Q1 2023.
Compared to the previous quarter (Q4 2023), there were 17 percent fewer transactions, and the total value was down 13 percent. The real estate price index was up by almost one percent from the previous quarter and down three percent on year.
Compared to Q4 2023, transaction activity was 17 percent lower.
The total value of transactions involving undeveloped land was down almost 11 percent on year, while the total value of developed land increased by around 14 percent. For apartments, the fall was by seven percent, the Land Board said.
The average price per square meter for a new apartment in Tallinn was €4,373 in Q1, an increase on year of 14 percent. Prices were also up two percent from the final quarter of 2023.
The average price per square meter for apartments on the capital's secondary market was €2,745 an increase of four percent on year. Excluding Tallinn, the average price per square meter of a new apartment in Estonia was €2,878. This was up one percent on year and down three percent from the previous quarter.
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Editor: Marko Tooming, Michael Cole
