The number of apartment transactions in Tallinn fell just below 700, marking the most modest result of the year and coming in approximately 7% below this year’s average.
Estonian Apartment Market
The Tallinn apartment market saw 696 transactions, down nearly 13% year-on-year and almost 10% compared to October. The median price per square meter rose 2.5% compared to last year and remained stable month-on-month, increasing less than 1%. “A quieter November is normal for the market, so there’s no need to read too much into it,” commented Subatšjus.
Tartu experienced a sharper slowdown, with just 108 transactions – close to the 100 mark. This represents a 17% drop year-on-year and a 26% decline from October. However, the median price per square meter exceeded 2400 €, marking a positive shift: up nearly 8% year-on-year and 5% month-on-month. “Although transaction volumes were low, median prices offered a pleasant surprise,” said Subatšjus.
Pärnu recorded 51 transactions, roughly the same as last year but 34% lower than October. The median price was 2143 €/m² – down 7% year-on-year but up 4.5% month-on-month. “November’s transaction volume remained below the annual average, but median prices rose above average,” noted Subatšjus.
Narva had 60 transactions, in line with the annual average. Year-on-year, this is just three fewer deals, but a 22% decrease compared to October. Median prices fell again, reaching 383 €/m², 32% lower than last year and nearly 5% down month-on-month. “Transaction volumes are stable, but prices remain at a low point,” Subatšjus observed.