Estonia, Good for Business, Real Estate

International Internet Magazine. Baltic States news & analytics Tuesday, 19.03.2024, 06:31

Estonia: Number of real estate transactions up 2% on year in H1

BC, Tallinn, 18.10.2018.Print version
The total number of transactions carried out on the apartment market in Estonia in the first half of 2018 increased 2% compared with the same period the year before but decreased approximately 5% compared with the second half of 2017, it appears from a market overview of apartment ownership published by the Land Board writes LETA/BNS.

Regardless of the drop in transaction activity, the total value of transactions in the first half of 2018 climbed 17.1% compared with the same period last year and 2.4% compared with the second half of 2017, which shows that the prices of transactions increased. The median price mainly increased due to first sales.


According to the Land Board, altogether 11,234 transactions worth 825 mln euros were made with apartment ownership in the first half of 2018. As was expected, both transaction activity and the total value of transactions was greatest in Harju County, where 6,325 or 56.3% of all transactions carried out in Estonia took place and the total value of those transactions made up 79% or 652 mln euros of all transactions.


The median price per square meter of all transactions rose to 1,366 euros in the first half of 2018, which is 12.5% higher than the year before. This is also the highest ever median rate recorded. Excluding the transactions carried out in the city of Tallinn, the median price per square meter of Estonian apartment ownerships was 642 euros.


The median price per square meter of apartment ownerships was 1,692 euros in Harju County, 1,329 euros in Tartu County, 999 euros in Parnu County and 209 euros in East-Viru County. The highest median price per square meter was in the city center district of Tallinn, totaling 2,358 euros.


The median price per square meter of first sales was 1,861 euros. According to transaction data, the most expensive new apartments sold were in the city center of Tallinn and in the North Tallinn district, where in both district the median price of new sales per square meter was 2,591 euros. The price per square meter of new apartments in Tartu city center was also high, 2,565 euros, which is close to the price rate of the city center of the capital. In Tallinn, first sales of apartments made up 33% of all transactions, while the indicator stood at 29.3% in Tartu.


The surface area available for Estonia's average gross salary varied depending on the region -- 0.6 square meters in the city center of Tallinn and 41.7 square meter in the small town of Peetri in Jarva County.

 






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