Analytics, Estonia, Good for Business, Real Estate

During the year, the number of transactions increased by 3% compared to 2010 and the total value of transactions increased by a quarter. In 2011, the average value of a purchase-sale transaction was 47,528 euros, which is by one fifth bigger than in 2010. The growth of the average value of a transaction was affected by the increase in the share of more expensive objects and completion of several new developments.

The value of transactions with dwellings accounted for 48% of the total value of purchase-sale transactions. 32% of purchase-sale transactions of real estate were covered with unimproved registered immovable and 19% transactions with registered immovable. Compared to 2010, the average value of a transaction with unimproved registered immovable increased 17% and the average value of a transaction with registered immovable increased 28%. The average value of a transaction with dwelling increased 13%.

Compared to 2010, the average value of a purchase-sale transaction increased the most (32%) in Northern Estonia, where the number of new and more expensive apartments was the largest compared to other regions. In Central Estonia the increase was 14%, in North-eastern Estonia 8% and in Western Estonia 1%.

Trend of the notarised purchase-sale transactions of real estate, 1st quarter 2000 – 4th quarter 2011

In 2011 the average price per square metre of a dwelling in purchase-sale transaction was 706 euros, which is by a tenth more than in 2010. The price per square metre in Tallinn increased 13%, in Tartu 8% and in Pärnu 6%.

Since 2008 the data of the Estonian Land Board serve as a basis for the production of official statistics on the purchase-sale transactions of real estate. In previous years Statistics Estonia collected the data from notaries.