Analytics, Estonia, Real Estate

Where 74% of respondents said they believe that the prices of residential real estate in Tallinn will generally move higher this year, 62 percent said that prices most probably will rise in Kopli. 

In places two and three were the apartment block districts of Lasnamae and Mustamae with respectively 39% and 33% of the experts interviewed saying that prices are set to rise in these districts in 2019.

The manager of 1Partner Kinnisvara, Martin Vahter, said that price increases can be expected in regions that have the biggest numbers of new developments underway.

"First, the cranes that are standing show the areas that are trendy at the moment. Construction of new houses will also raise the prices of properties in other buildings of the same area and the area's statistical average," Vahter said in a press release. 

Two-thirds of the respondents in the survey considered the present number of property developments in Tallinn to be optimal. 

According to the experts, no significant price increases are due in the near future in the upmarket districts of Nomme, Pirita, the Old City and Kalamaja, whereas 74% of those interviewed described Kalamaja as the most overpriced district of Tallinn. Besides,  41% considered prices in the Old City to be too high.

"The so-called old districts Pirita and Nomme are phenomena in their own right, in that they keep their prices more stable than others. It means that during the last economic downturn they didn't see a drop similar to other parts of the city, yet their increases are more subdued as well," Vahter said.

The survey was conducted in May 2019 by interviewing 39 experts from the major Estonian real estate firms 1Partner, Pindi, Arco Vara, Domus, Kinnisvaraekspert, Ober-Haus and Uus Maa.