Although the Estonian real estate market started the year more quietly compared to the same period last year, apartment markets in major cities showed signs of increased activity in March.
News from the Middle East remains tense, with strong impacts on oil prices. However, these developments have not yet significantly affected the broader economy, as expectations that the situation will be resolved remain prevalent. Likewise, these events have not influenced the purchasing behavior of real estate buyers. Still, given the unpredictability of the situation, no developments should be underestimated. At the same time, the Euribor trend affecting borrowers is on the rise again, meaning people should approach their decisions with careful consideration. As borrowing becomes more expensive, the secondary market is expected to continue gaining momentum.”
Estonian Apartment Market
Tallinn. According to data from the Estonian Land and Spatial Development Board, 775 apartments were sold in the capital in March, which is 16.7% more than in February. The median price per square meter was €2,802 – a change of -3.1% compared to February and +0.1% year-on-year.
Tartu. The apartment market recovered from February’s slowdown, with monthly transaction volumes exceeding 100 again in March. A total of 123 transactions were completed, marking a 33.7% increase compared to February. The median price per square meter was €2,222 – a change of -4.1% month-on-month and -12% year-on-year.
Pärnu. In March, 76 apartments were sold in Pärnu, which is 28.8% more than in February. This level of activity is comparable to the more active market seen in the summer capital during last summer and early autumn. The median apartment price was €2,129 per square meter – a change of +0.4% compared to February and -8.4% year-on-year.
Narva. The apartment market in Narva has been relatively stable this year, though March also saw growth. A total of 58 apartments were sold, which is 9.4% more than in February. The median price per square meter was €407 – a change of +2.5% month-on-month and +3.7% year-on-year.