Estonia, Financial Services, Legislation, Real Estate

International Internet Magazine. Baltic States news & analytics Monday, 21.09.2020, 05:26

Aggregate value of real estate transactions was EUR 3.5 bln in 2017 in Estonia

BC, Tallinn, 08.02.2018.Print version
The number of transactions on the Estonian real estate market in 2017 rose 9% to 63,115 transactions with a total value of over 3.5 billion euros=, informs LETA/BNS.

The number of real estate purchase and sale transactions, which made up 55% of all transactions, increase 8.2% on year and the aggregate value of the transactions rose 16.5%, it appears from the annual real estate market overview of the Land Board.

"The high share of new apartments explains the great increase in the total value of apartment transactions and the price hikes of some urban regions. The median prices of apartments in various Estonian built-up areas differ a lot, the difference between the highest and lowest median price amounts to a difference of tens of times," Tambet Tiits, director general of the Land Board, said. "While the median price of a square meter of an apartment in Tallinn is 1,681 euros, then the same price in Valga is 126 euros."

The median prices of undeveloped residential land varied significantly across counties in 2017, being 0.5 euros per square meter in Jarva County to 21 euros per square meter in Harju County.

In the market sector of area under cultivation, the most valued arable land was in Jogeva, Jarva and Polva counties, where the median price of a hectare was the highest, amounting to 3,300-3,400 euros. The highest median prices per hectare of woodland were in Voru and Valga counties, 4,904 euros and 3,760 euros, respectively.

The real estate market was the most active in Harju County, where 43% of all transactions took place, making up 68% of the total value of the transactions conducted in 2017. Altogether 54.6% of all real estate purchase and sale transactions in 2017 took place in Harju County.

In terms of transaction activity, Harju County was followed by Tartu County with 11.6%, East-Viru County with 9.9%, Parnu County with 6% and West-Viru County with 4.1%. In the rest of the counties, less than 2% of all apartment transactions took place in 2017.

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