Estonia, Financial Services, Real Estate

The weighted average price of a square metre of apartment space in Estonian towns, or the Pindi Index grew by 5.8% in November. The Pindi Index indicated that the weighted average price of a square meter of flats in the 17 bigger Estonian cities and towns was 1,124 EUR in November. In October, the revised index sum was 1,062 EUR a square metre.

Pindi Kinnisvara board member Peep Soomann said that the prices of apartments in Estonia have climbed for the first time to the level before the 2008 global crisis, when the average weighted transaction price was over 1,100 EUR per square metre. "We are still by a fifth lower than the historically highest level since in Estonia, fall of real estate price started already in 2007," he said.

While in October, 1,190 transactions were carried out with flats in 17 larger Estonian cities, in November the activity level in transactions was 1,037. In November 2013, 1,123 apartment sales transactions were conducted in the 17 cities and towns.

The price index compiled by Pindi Kinnisvara takes into account the weighted average price of a square metre of purchase and sale contracts where the objects are flat ownerships in all county centres as well as in the cities of Kohtla-Järve and Narva. The index covers housing of nearly 800,000 Estonian inhabitants.