Analytics, Estonia, Real Estate

It appears from the figures that the sale of new apartments has declined somewhat, and the real estate price index rose 5.1% on quarter and 7.6% on year.

The total value of the real estate purchase and sale transactions concluded during the first quarter of 2019 was 946 million euros, which is about 11% more than in the first quarter of 2018 and 9% more than in the final quarter of last year. 

The increase in the total value of the transactions mainly resulted from an increase in the total value of transactions involving built land, in which over 54% more capital was raised than in the previous quarter, whereas in year-to-year comparison the rate of growth was 48%. The total value of unbuilt land and apartments that changed hands during the quarter declined quarter on quarter by respectively 7.9% and 9.7%.

Transactions in which apartment ownerships changed hands numbered 6,523 in the first quarter, of which 5,320 were transactions involving a dwelling. The total number of the transactions involving a brand new apartment sold as a dwelling declined by almost 60 on quarter and accounted for 21.5% of all dwelling transactions.

In Tallinn, the share of new apartments in all dwelling transactions was 30 percent. The average price of a new Tallinn apartment was  2,255 euros per square meter, 1.1 percent more than in the first quarter of 2018.

A new two-room apartment of 40-55 square meters cost on the average 114,296 euros or 2,256 euros per square meter. Aftermarket apartments changed hands for 84,396 euros on the average, meaning 1,700 euros per square meter.

The property price index calculated by the Land Board since the third quarter of 2003 grew 7.6% in year-to-year comparison and 5.1% on quarter.

Compared with the first quarter of 2018, the price index for apartment ownerships grew 1.4%, the index for unbuilt land surged 25.3 percent and the index for built residential land was up 8.1%.

Quarter over quarter, the index for apartment ownerships was up 3.5%, the index for unbuilt land grew 8% and the index for built residential land was up 6.9%.