The start of the year was more modest in terms of transaction volume, yet the median price delivered the strongest result of the past two years.
As noted by Sten Renar Subatšjus, Head of our Analytics Department, January was typical in transaction activity – below average, but not unexpected. However, the median price trend was a positive surprise. “Could our forecast already be taking shape from the very first month of the year – that 2025 would be the year of increasing transaction volumes, and 2026 the year of rising prices?” Subatšjus reflects.
Estonian Apartment Market
In January, 625 apartment purchase-sale transactions were completed in Tallinn. This represents a decline of nearly 13% compared to the same period last year, and almost 12% compared to December. Despite the lower transaction count, the median price per square metre increased by over 5% year-on-year and more than 3% compared to the previous month, reaching 2988 €/m² – just below the 3000 €/m² threshold. “The median price reached the best level seen in recent years, last recorded at such a high point at the end of 2023,” Subatšjus commented.
The Tartu apartment market remained stable at a low level for the third consecutive month, staying close to the 100-transaction mark. In January, 102 transactions were completed. Compared to the previous year, transaction volume declined by nearly 29%, while activity remained largely unchanged compared to December. However, the median price per square metre showed a strong performance, increasing by nearly 6% year-on-year and an impressive 12% month-on-month, reaching 2451 €/m². “Transaction volume in Tartu remains subdued, but price growth appears to be reaching Southern Estonia as well,” Subatšjus added.
In Pärnu, 52 apartment transactions were completed in January- nearly 24% higher than last year and more than 15% higher than December. The median price rose by over 2.5% year-on-year and more than 10% month-on-month, reaching 2126 €/m². “January brought true winter cold, but despite this, Estonia’s summer capital began the year with encouraging numbers,” Subatšjus noted.
In Narva, 52 apartment transactions were completed in January. This is nearly 29% lower than the same period last year and 16% lower than December. The median price dropped to its lowest level in recent years, reaching €375/m² – more than 12% lower year-on-year and over 18% lower compared to December. “Despite the strong figures seen at the end of 2025, the Narva apartment market has started the year in a downturn,” Subatšjus stated.