Photo: Maa-amet
According to data from the Land Administration, 10,162 purchase and sale transactions were carried out in the fourth quarter of 2023 with a total value of 1.09 billion euros. The number of transactions was 7% lower and the total value 11% lower than in the same period a year ago. The number of transactions and total value also remain lower than the previous quarter, by 2% and 4% respectively. The real estate price index decreased by 5% compared to the previous quarter and the price index remained at the same level compared to the previous year.
In the year-over-year comparison, the total value of undeveloped and developed land transactions decreased by 14 percent, while the total value of residential properties decreased by half a percentage point. Compared to the previous quarter, the turnover of undeveloped and developed land transactions decreased by almost 4% and 23% respectively, while the total value of apartment transactions increased by almost 6% compared to the previous quarter.
The majority of transactions take place with apartments, which represent 52% of the total purchase and sale transactions. 26% of transactions were with undeveloped land and 16% with developed land. Of the total value, apartment transactions account for 58%, undeveloped land 15% and developed land 22%.
In the fourth quarter of 2023, a total of 5,867 apartment purchase and sale transactions were carried out, of which 5,310 for the share of residential premises. Compared to the same period a year ago, the number of transactions with residential premises decreased by 2%, and compared compared to the previous quarter, the number of transactions decreased by 2%.
In the fourth quarter of 2023, the average price per square meter of a new apartment in Tallinn was €4,205/m2, an annual increase of 16%. In the quarterly comparison the price remained at the same level. The average price of apartments on the capital’s secondary market was 2,797 euros/m2, which means an increase of 3% compared to a year ago. In the quarterly comparison the average price level of apartments on the Tallinn secondary market remained unchanged. Excluding Tallinn, the average price per square meter of a new apartment in Estonia was 2,999 euros, an increase of 18% year-on-year and 3% compared to the previous quarter.
In the fourth quarter of 2023 the real estate price index decreased by 5% compared to the previous one and compared to the same quarter last year the price index remained at the same level.
You can constantly view statistics in the real estate price statistics query environment. Monthly and quarterly market overviews can be found in more detail on the Land Board’s website.
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2024-01-26 20:25:02
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