Due to the favourable economic situation of the past several years, based on the transactions of October, no conclusions can be made in regard to any imminent price drop. During the observed period, by the number of transactions, October was inferior only to March and August of this year. As to the median price, however, only to December of last year. In total, 2,004 purchase and sales transactions were concluded in October, with a median price of 1,283 EUR/m2. In comparison to September, the number of transactions increased by 89, i.e. by 4.6%, the median price, however, increased by 5.3%.
In the first ten months of the year, both the number of transactions and the median price increased in comparison to year 2016. In ten months, 18,502 transactions were concluded in Estonia, and compared to the same period last year, the number of transactions increased by 1,414, i.e. 8.3%. Thereby, the median price of transaction increased by 6.7% (1,141→1,218 EUR/m2).
Information: Land Board
The largest number of the 2,004 purchase and sales transactions were concluded, as usually, in Harju County –1,143 transactions, i.e. 57% of the total number of transactions. The majority of the transactions in Harju County came from Tallinn, the share in October having been 75.8%. Compared to September, the number of transactions in Harju County decreased by 131 (12.9%), the median price increased by 2.9%, stopping at 1,638 EUR/m2.
By the number of transactions, Harju County was traditionally followed by the counties with larger numbers of inhabitants: Tartu County by 183 transactions, Ida-Viru County by 164 transactions and Pärnu County by 138 transactions. Compared to September, the number of transactions increased in nine counties. In addition to Harju County, the number of transactions increased most in Pärnu County (+21) and Lääne-Viru County (+14). The biggest decrease in the number of transactions could be seen in Tartu County (-47) and Ida-Viru County (-28), also in Valga County (-15). In those counties, September was a rather active month, thus the number of transactions dropped to the regular level.
Based on the median price, Harju County was followed once again by Tartu County (1,237 EUR/m2) and Pärnu County (1,069 EUR/m2). In October, the median price increased in six counties, most of all in Jõgeva County (+61 EUR/m2) and Pärnu County (+57 EUR/m2), the biggest decrease in the median price was observed in Saaremaa (-203 EUR/m2) where it dropped to the lowest level of the year, which in the event of a small market is strongly influenced by the structure of transactions. The median price dropped by over 75 EUR/m2also in Põlva County (-100 EUR/m2), Viljandi County (-86 EUR/m2) and Järva County (-85 EUR/m2).
Information: Land Board
Similarly to the increase in the number of transactions in Harju County, the number of transactions increased also in Tallinn. Compared to the previous month, 41 transactions more were concluded in Tallinn, and the median price dropped by 2.6%, rising to the level of the numbers of August, compared to September. Again, the market of Tallinn was considerably influenced by the change in the number of real right contracts of new developments – legal persons transferred 136 transactions more across all real estate objects, of which apartment ownerships formed the largest part. In total, 866 transactions were concluded in October, with a median price of 1,706 EUR/m2.
Information: Land Board
The interest in new developments can be best explained by the statistics regarding the transferors of real estate transactions, even though it also reflects immovable properties in addition to apartment ownerships. In comparison to September, the number of real estate objects transferred by legal persons increased in October – in total, legal persons concluded 699 sales transactions, which means that their share in the total number of transactions increased again over 50% (51.7%) after the setback in September. The share of private persons in the sales transactions was 46.6%, of whom 84.6% were Estonian citizens. The share of the remaining parties was 1.6% based on 22 transactions.
Information: Land Board
The change in the number of real right contracts concluded with new developments obviously also influenced the statistics of the districts of Tallinn where the sample is usually even smaller. In October 2017, the largest number of transactions were concluded in Lasnamäe (182), followed by the other districts with larger populations: Centre (170), Northern Tallinn (153) and Haabersti (136). Compared to September, the number of transactions increased in five districts, most of all in Haabersti (+31) and Lasnamäe (+17), the number of transactions decreased most in the Centre (-12) and in Mustamäe. In Haabersti, legal persons helped to increase the number of transactions; of developments, Kodulahe and Aurora Park stood out. The decrease in the sales by legal persons was also the reason why the number of transactions in the Centre decreased.
Information: Land Board
Similarly to previous periods, the median price was the highest in the Centre (2,216 EUR/m2) where compared to September, the median price dropped by 3.1% due to a reduced number of sales transactions by legal persons. The Centre was followed by Pirita (1,901 EUR/m2) and Kristiine (1,816 EUR/m2). The median price increased most in Lasnamäe (+16.0%, 1,621 EUR/m2), mainly due to very strong sales of new developments. Out of the districts with a large number of transactions, the median price also increased in Haabersti (+4.0%) and Northern Tallinn (+1.3%); the price slightly dropped in Mustamäe (-0.5%).
Information: Land Board
Even though Tähtvere municipality was united with Tartu City after the administrative reform, in this overview we only show the sales and purchase transactions concluded in the former Tartu City, as the inclusion of rural areas distorts the real estate statistics and changes the principles of comparison. Compared to September, the number of transactions decreased in October by 32. However, the median price increased by 6.9%, rising almost to the top of the observed period. Tartu is also one of the largest locations where this year has been slower than last year – during the first ten months of year 2017, 1,404 transactions were concluded in the city. By the same time last year, the number of transactions concluded was 1,522. As a whole, 127 purchase and sales transactions were concluded in Tartu last month, with a median price of 1,306 EUR/m2.
Information: Land Board
In Narva, the number of transactions has increased in comparison to last year. The median prices, however, have remained stable. That is a sign of movement uphill, as during the time of recovery of a market, the number of transactions goes up first, followed by the prices. In October, 54 transactions were concluded in Narva, i.e. one transaction less than in September; at the same time, the median price dropped to the lowest level of the year, dropping by 14% in comparison to September (415→357 EUR/m2). During the first ten months of this year, 102 transactions more were concluded than during the same period last year. The median price, however, has continued a trend of decrease, dropping by 4.8% during the first ten months of the year (415→395 EUR/m2).
Information: Land Board
In Pärnu, compared to last year, both the number of transactions and the median price have increased, the annual increase being even 14.1% based on the statistics of the first ten months of the year (941→1,074 EUR/m2). During the same period, the price of transactions has increased by 83. Several new developments have joined the market, facilitating the rapid growth of prices. In October, even 110 transactions were concluded in Pärnu with the support of new developments, which was the highest figure of the observed period (also, the number of transactions exceeded 100 for the first time), and compared to September, the number of transactions increased by 22. Due to changes in the structure of transactions, also the median price broke records, increasing by 2.8% compared to September, reaching 1,167 EUR/m2. Similarly to Tartu, the transaction statistics of Pärnu City only include the territory of the former Pärnu City.
Information: Land Board
Since October 2017, the influence of the administrative reform is reflected in the statistics of the remaining municipalities, which means that the table will show municipalities that were formerly not included. Thus, in October, the top ten of the remaining municipalities included for the first time Tapa municipality formed by the union of the former Tapa and Tamsalu municipalities, also Saaremaa municipality including the island of Saaremaa. The remaining municipalities among the top ten were the regular ones: Kohtla-Järve City, four municipalities from Harjumaa, Rakvere and Viljandi cities and Võru City. The highest median price was in the “golden circle” municipalities of Harjumaa, which was rather consistent, remaining between 1,587 and 1,640 EUR/m2, being greatly influenced by transactions of new apartments. Traditionally, the prices were low in Kohtla-Järve City and Tapa municipality (below 100 EUR/m2), the remaining municipalities were rather between the two extremes, 439–697 EUR/m2. Compared to September, the number of transactions in Rae municipality increased even by 38, demonstrating the correlation between the number of transactions in the wealthy municipalities of Harjumaa and the real right contracts of new developments.
