Transaction activity in Tallinn’s apartment market remains strong, yet the median price per square metre has stayed virtually unchanged year-on-year.
According to Sten Renar Subatšjus, Head of the Analysis Department at Uus Maa Real Estate Bureau, this year’s monthly analyses have been relatively uniform, and this trend is likely to continue. “Unless we see major shifts on a national or global scale, the real estate landscape will keep moving along the same course,” Subatšjus noted.
Estonian Apartment Market
In September, 767 purchase–sale transactions took place in Tallinn’s apartment market—nearly identical to the six-month average of 768 transactions. Compared to both last year and September, the number of apartment transactions declined by roughly 8%. The median price per square metre rose 3% year-on-year, but dropped 1% compared to the previous month, indicating that prices are essentially holding steady. “After this year’s record months, October also performed strongly in terms of activity, yet prices remain stagnant,” Subatšjus added.
Tartu’s apartment market saw nearly a 20% drop in transaction volume in October compared to both last year and September, with only 146 transactions recorded. The median price per square metre stayed below the 2 300 €/m² threshold, reaching 2 285 €/m². Year-on-year, the square metre price decreased by more than 20%. “While the last few months suggested that Tartu’s market was stabilising, October delivered a surprisingly negative result,” Subatšjus commented.
In Pärnu, 77 apartment transactions were completed in September—10% fewer than a year earlier, but 7% more than in August. The median price matched last year’s level and rose 8% month-on-month, once again surpassing the 2 000 €/m² mark to reach 2 051 €/m². “Pärnu’s figures show that Estonia’s summer capital continues to move in its typical off-season rhythm,” noted Subatšjus.
Narva’s apartment market was at its most active this year in October with 77 transactions. Compared to both last year and the previous month, four more transactions were concluded. The median price remained close to September’s level at 400 €/m², reaching 404 €/m² in October—around 15% lower year-on-year. “Narva remains active in terms of transaction numbers, but prices are at their lowest point in recent years,” Subatšjus observed.