Tallinn’s Old Town is experiencing a resurgence in popularity among families, both local residents and those returning from abroad.
This UNESCO World Heritage Site has been a favorite among expatriates for many years, offering a unique opportunity to invest in its rich heritage at reasonable prices for rental income or personal use.
However, recent trends are showing a shift in the demographic preference. While the Old Town was not the first choice for many local residents in the past, more and more Estonians are now making it their preferred place to live.
Family Apartments in High Demand
Recent statistics reveal a significant change in the types of apartments being sold in the Old Town over the last three years. Approximately half of these apartments have three or more rooms, indicating that people are buying them for personal use rather than as rental properties. These larger apartments are appealing to families, making the Old Town a prime choice for those with children.
Typically, fewer than ten apartments are sold each month in the Old Town, and the median price per square meter has remained within the range of 3500-3900 euros over the past two years. This is considerably more affordable than the prices of more exclusive apartments in the surrounding areas.
Who Is Choosing to Move to the Old Town?
Local Estonians and mixed international/Estonian families make up the majority of buyers. Additionally, there are those returning from abroad who are opting for the Old Town as their new home.
Here are the main reasons why the Old Town is gaining popularity:
- Convenient Logistics: The Old Town allows for independent movement, especially for children. It is also close to the city center, making commuting easy without the need for a car.
- Excellent Schools: The area offers a great selection of schools for families.
- Historical Charm: The Old Town boasts historical architecture, high ceilings, and unique buildings.
- Exclusivity and Uniqueness: Living in the Old Town is seen as a mark of prestige and a unique experience.
- Affordable Pricing: The Old Town’s prices are reasonable, and apartments can be renovated to create stylish homes.
In the past, limited parking options were a drawback for potential residents. However, the diversification of transportation options has made living in the Old Town more convenient. As a result, many families no longer feel the need for two cars or, in some cases, any car at all.
The Old Town and its surrounding areas provide a wide range of entertainment, sports facilities, outstanding restaurants, well-regarded schools, and excellent transportation connections in all directions.
In summary, the Old Town’s popularity is on the rise again, and families are rediscovering the charm of this unique and historic neighborhood.