Analytics, Estonia, Real Estate

Altogether 663 apartments were sold in Tallinn in July -- 5% more than in June. The average price per square meter declined 7% to 1,986 euros, statistics available from the Land Board show.

The average price per square meter of Tallinn apartments first exceeded the 2,000-euro mark in July 2019 and has in the meantime rather remained above it, Vahter said. 

"A study conducted among real estate experts in July this year shows that half of the respondents believe that the price per square meter of the capital city's apartments will be over 2,000 euros by the end of the year and the other 50% believe it will be below 2,000 euros. It will likely be somewhere around this figure at the end of the year, and no major fluctuations are expected," the manager of 1Partner Kinnisvara said.

The decrease in the average price per square meter in July has largely been caused by a decline in the share of new and more expensive apartments.

"While in July this year, the number of apartment transactions declined by one-fifth year over year, the summer month in general was nonetheless rather ordinary than extraordinary," Vahter said.

The number of transactions carried out with apartments in the 50,000-100,000-euro price range has remained unchanged, as has that of apartments costing 250,000 euros and more. The number of transactions has declined with apartments in the 100,000-180,000-euro range.

Altogether 881 real estate sale and purchase transactions were carried out in Tallinn in July -- 7% more than in June. The total value of the transactions amounted to 114.6 mln euros, 10.5% more than in the previous month and 27% less than in July 2019.

In July, 26 improved residential land properties were sold in Tallinn, which is two fewer than in the previous month. 10 residential land properties were also sold, which is two fewer than in June.