{"id":1845366,"date":"2019-12-19T09:44:59","date_gmt":"2019-12-19T07:44:59","guid":{"rendered":"https:\/\/uusmaa.ee\/?p=1845366"},"modified":"2019-12-19T09:44:59","modified_gmt":"2019-12-19T07:44:59","slug":"estonian-real-estate-market-review-november-2019","status":"publish","type":"post","link":"https:\/\/uusmaa.ee\/en\/estonian-real-estate-market-review-november-2019\/","title":{"rendered":"Estonian Real Estate Market review November 2019"},"content":{"rendered":"

November was again a very active month in the apartment market, for the fourth month over 2000 transactions were concluded.<\/strong><\/p>\n

Apartment market in Estonia<\/h3>\n

In comparison to last November, 104 transactions more were concluded, and the growth in the number of transactions, which has been extensive, has brought along a rather considerable growth in the number of transactions for the year. In the 11 months of this year, 21,414 transactions have been concluded, which is by over 700 (i.e. 4.3%) more than last year. Such activity is close to the boom period, as in 2007, 21,992 transactions were concluded in 11 months. However, there is still quite a bit to do to catch up with the level of year 2006, as then 25,913 transactions were concluded in 11 months!<\/p>\n

The price level of the boom period, however, was exceeded already long ago, and today\u2019s nominal prices are the highest of all time. In the 11 months of this year, the median price of transactions has pushed up to the line of 1,400 \u20ac\/m2, exceeding the price level of the same period last year by 3.3% (1,332 \u20ac\/m2\u21921,376 \u20ac\/m2). Similarly to transactions, the price increase was extensive, the lowest price increase could be observed in Ida-Viru County where it was \u2018only\u2019 1.5%. Nevertheless, Estonia has become a country with a real estate market of high contrasts where next to Harju (median price 1,777 \u20ac\/m2) and Tartu (1,369 \u20ac\/m2) counties the price level of most of the counties remains between 200 and 400 \u20ac\/m2. Thereby, even the counties do not show an even picture \u2013 the price level in the centres is growing as a rule, whereas the peripheries are at standstill.<\/p>\n

\"Apartment
Apartment market in Estonia (November 2019) – Uus Maa Real Estate Agency<\/figcaption><\/figure>\n

Apartment market in Tallinn<\/h3>\n

Similarly to October, November was very active in Tallinn. For the second consecutive month over 900 sales-purchase transactions (901 transactions) were concluded. In comparison to the same period last year, nearly 60 transactions more were concluded. As to the number of transactions, this year has been similar to two previous ones \u2013 8,947 transactions were concluded in 11 months, last year the number of transactions was 8,941. The median price of transactions was very high in November due to the large share of new developments \u2013 1,963 \u20ac\/m2, which was over 200 \u20ac\/m2 more than last year. Based on the first 11 months of this year, the median price of transactions was 1,873 \u20ac\/m2, i.e. 6.9% higher than last year. If the increase of the median price of transactions has been extensive in city districts, the greatest contributors to the increase in the number of transactions has been the Centre where in 11 months over 200 transactions more have been concluded and Northern Tallinn where the number of transactions has increased by 115.<\/p>\n

\"Apartment
Apartment market in Tallinn (November 2019) – Uus Maa Real Estate Agency<\/figcaption><\/figure>\n

Apartment market in Tartu<\/h3>\n

In the context of the year, this November was a little less active than average in Tartu. 156 transactions were concluded in November, which was 12 less than during the same period last year and 14 less than the monthly average of year 2019. The median price of transactions in November was 1,443 \u20ac\/m2, which was 4.3% higher than last year. The first 11 months of this year show slight progress of Tartu market in comparison to the same period last year: the number of transactions has increased by 37, i.e. 2% (1,836\u21921,873), the median price has increased by 4.7% (1,378 \u20ac\/m2\u21921,443 \u20ac\/m2).<\/p>\n

\"Apartment
Apartment market in Tartu (November 2019) – Uus Maa Real Estate Agency<\/figcaption><\/figure>\n

Apartment market in P\u00e4rnu<\/h3>\n

Already last month the seasonality of P\u00e4rnu market was remarked upon (i.e. slowing down of the activity at the end of the year). In November, the market was still rather active, as 73 transactions were concluded, which was just a little less than the monthly average of this year. In the first 11 months of this year, 849 apartment transactions were concluded, which is 125 more than during the same period last year and more than during the first 11 months of year 2017 when the market of P\u00e4rnu saw a very rapid rise. The median price of transactions this year has been 1,200 \u20ac\/m2 (1,239 \u20ac\/m2 to be more precise), which is nearly 8% more than during the same period last year. The reasons why the market of P\u00e4rnu has grown quickly this year are greatly the same as in other active areas \u2013 growth in the volume of new developments and quick salary increase, which has been translated to rapid increase in input prices.<\/p>\n

\"Apartment
Apartment market in P\u00e4rnu (November 2019) – Uus Maa Real Estate Agency<\/figcaption><\/figure>\n

Apartment market in Narva<\/h3>\n

The end of year in Narva has become active \u2013 81 transactions were concluded in October and 75 transactions in November. It means that this year will be more active than the last one because in the first 11 months, 52 transactions more have been concluded in comparison to last year. 706 transactions were concluded in the first 11 months, which is the best result of all time. However, the high activity in Narva is caused by low price level: the median price of the transactions in 11 months is 389 \u20ac\/m2, i.e. the same as last year; but in comparison to the time five years ago the median price is nearly 90 \u20ac\/m2 lower. The median price of transactions in November was slightly higher than the annual figure \u2013 416 \u20ac\/m2; in comparison to the same period last year the result was virtually the same.<\/p>\n

\"Apartment
Apartment market in Narva (November 2019) – Uus Maa Real Estate Agency<\/figcaption><\/figure>\n

Author –\u00a0Igor Habal<\/a>, Uus Maa Real Estate Agency analyst<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

November was again a very active month in the apartment market, for the fourth month over 2000 transactions were concluded. Apartment market in Estonia In comparison to last November, 104 transactions more were concluded, and the growth in the number of transactions, which has been extensive, has brought along a rather considerable growth in the …<\/p>\n","protected":false},"author":13,"featured_media":1845382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12050],"tags":[13189,13290,13074,13192,13126,12936,13190,13291,12937,13027,13125],"class_list":["post-1845366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apartment-market","tag-apartments","tag-estonia","tag-narva-en","tag-parnu-en","tag-real-estate","tag-real-estate-agency","tag-real-estate-market-in-estonia","tag-real-estate-market-review","tag-tallinn-en","tag-tartu-en"],"acf":[],"yoast_head":"\nEstonian Real Estate Market review November 2019 - Uus Maa<\/title>\n<meta name=\"description\" content=\"Estonian Real Estate Market in November 2019 was again a very active month. 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