Estonia, Real Estate

The total number of transactions in the second quarter also fell 12% compared with the first quarter. Market activity has improved somewhat, however, as the number of transactions in June was only 1% lower than in the same month last year, according to the Land Board.

The total value of sale and purchase transactions amounted to 682 mln euros in the second quarter, marking a 20-% decline year over year and a 23-% drop compared to the previous quarter.

The number of sale and purchase transactions involving apartment ownership totaled 4,571 among which apartments sold as dwellings numbered 4,088. The latter figure was 32% smaller compared with the second quarter of 2019 and 28% smaller than in the first quarter of 2020. The total value of the transactions involving dwellings amounted to almost 333 mln euros, close to 24% less than in the second quarter of 2019 and 27% less than in the first quarter of 2019.

Statistics on sale and purchase transactions involving apartment ownership put the average price of new apartments in Tallinn at 2,668 euros per square meter in the second quarter -- 7% higher than in the same quarter last year. The average price per square meter of a Tallinn apartment in the secondary market was 1,791 euros, 0.4% higher than in the second quarter of 2019.

The average price of a new apartment in Tallinn sized 40-55 square meters was 133,962 euros in the second quarter, or 2,789 euros per square meter. The average price of an apartment in the secondary market was 84,169 euros, or 1,789 euros per square meter.

The Land Board's real estate price index grew close to 8% compared with the second quarter of 2019 and declined 0.3% compared with the first quarter of 2020. In yearly comparison, the price index of apartment ownership rose nearly 14% and the price index of built-up residential land was up 2 %, whereas the price index of unbuilt land declined nearly 3%.

Compared with the previous quarter, the price index of apartment ownership declined close to 3%, whereas the price indexes of unbuilt land and built-up residential land rose 1% and close to 12%, respectively.