{"id":2486762,"date":"2021-08-27T10:19:16","date_gmt":"2021-08-27T07:19:16","guid":{"rendered":"https:\/\/uusmaa.ee\/?p=2486762"},"modified":"2021-08-27T10:19:16","modified_gmt":"2021-08-27T07:19:16","slug":"estonian-real-estate-review-july-2021","status":"publish","type":"post","link":"https:\/\/uusmaa.ee\/en\/estonian-real-estate-review-july-2021\/","title":{"rendered":"Estonian Real Estate Review, July 2021"},"content":{"rendered":"
\"Estonian<\/picture>
Estonian Real Estate Market July 2021<\/figcaption><\/figure>\n

Like in June, the number of transactions was influenced by the weather that was hotter than average, as well as the period of holidays \u2013 2,015 apartment transactions were concluded during the month, which was slightly more than in June but several hundreds less than in some of the previous months. As the structure of transactions did not change much, the median price remained where it had been, reaching 1,625 \u20ac\/m2<\/sup>. <\/strong><\/p>\n

Estonia<\/h3>\n

Calming of the market was expected, a new increase in activity may be anticipated in autumn when we will see a new volume of new developments completed in Tallinn and Harju County as well as payments from the 2nd pension pillar.\u00a0 Regardless of the seemingly calmer real estate market, its growth pace has still remained high; based on the apartment transactions of the first seven months of the year, nearly 14% more transactions were concluded in comparison to year 2019, and the total transaction turnover increased by slightly over one third. In comparison to the same period in 2020, 30.6% more transactions have been concluded and the turnover has increased by 43.5%. The median price of transactions in the first seven months of year 2019 was 1,370 \u20ac\/m2<\/sup>, during the same period in 2020 it was 1,448 \u20ac\/m2<\/sup> and now it was 1,590 \u20ac\/m2<\/sup>, thus we have seen an annual increase of nearly 10% and an increase of 16.1% in two years.<\/p>\n

 <\/p>\n

\"Apartment<\/picture>
Apartment market in Estonia, July 2021<\/figcaption><\/figure>\n

Apartment market in Tallinn<\/h3>\n

In Tallinn, 753 sales-purchase transactions of apartment ownerships were concluded in July. In comparison to the year before, 86 transactions more were concluded. In the context of this year the number of transactions was the lowest, although the results of even four months have remained under 800 transactions this year.<\/p>\n

Thus, it was not an unexpected or an unexpectedly low result but it had its objective reasons. 613 transactions were concluded in the secondary market and 140 transactions with new developments \u2013 thus, with a drop in the volume of new developments, the secondary market has picked up the initiative, growing nearly 18% in the first seven months in comparison to the same period in 2019.<\/p>\n

In the first seven months of the year, 1,345 transactions have been concluded with new developments, 1,456 transactions were concluded in 2020 and 1,555 transactions in 2019. Thus, the share of new developments in the total number of transactions has dropped by 10 percent points in comparison to the same period last year. Regardless of the increased volume of the secondary market and the 30 to 35% lower price level, the median price has increased by 7.4% during the first seven months of this year (2,003\u21922,150 \u20ac\/m2<\/sup>), thus the growth is even higher in certain segments. The median price of transactions in July was 2,177 \u20ac\/m2<\/sup>, which in the context of this year is only inferior to January.<\/p>\n

\"Apartment<\/picture>
Apartment market in Tallinn, July 2021<\/figcaption><\/figure>\n

Apartment market in Tartu<\/h3>\n

In Tartu, 231 sales-purchase transactions of apartment ownerships were concluded in July, in comparison to one year before it was 50 transactions more, and it was the highest number of transactions in the context of this year. 91 transactions were concluded with new developments and 140 transactions in the secondary market. During this year, in comparison to the same period last year, 55% more transactions have been concluded (935\u21921,449), in the high number of transactions the share of new developments was even higher than last year (29.8%\u219231.0%). The rapid growth of new developments (in 2019 the volume was just 21%) has sent the prices surging: based on the transactions of the first seven months of year 2020, the median price of transactions was 1,545 \u20ac\/m2<\/sup>, this year it was 14.4% higher, i.e. 1,768 \u20ac\/m2<\/sup>.<\/p>\n

\"Apartment<\/picture>
Apartment market in Tartu, July 2021<\/figcaption><\/figure>\n

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

In P\u00e4rnu, 81 sales-purchase transactions of apartment ownerships were concluded in July, 13 transactions more were concluded in comparison to the year before. In comparison to June, the number of transactions increased by 8. 71 transactions were concluded in the secondary market and 10 transactions in the market of new developments, thus the number of transactions has mainly increased thanks to the secondary market, just like in Tallinn.<\/p>\n

14% of transactions have been concluded with new developments this year, whereas last year the share was 25% and also the absolute figure was larger by 28; nearly 200 transactions more have been concluded in the secondary market in the same period. Regardless of the increased volume of transactions in the secondary market, the median price of transactions has increased by nearly 4% this year (1,270\u21921,320 \u20ac\/m2<\/sup>). The median price in July was 1,411 \u20ac\/m2<\/sup> and in comparison to the year before, with a similar share of new developments, the median price increased by 14%. Thus, price increase in P\u00e4rnu has not stopped but is based on a significant change in the structure of transactions, thus the statistical price increase has been slow.<\/p>\n

\"Apartment<\/picture>
Apartment market in P\u00e4rnu, July 2021<\/figcaption><\/figure>\n

Apartment market in Narva<\/h3>\n

In Narva, 60 sales-purchase transactions of apartment ownerships were concluded in July, in comparison to one year before it was 11 transactions more, and it was a little less than average result in the context of this year.<\/p>\n

In the first seven months of the year, the number of transactions has increased in comparison to both year 2019 (+10.5%) and 2020 (28.4%). The median price of transactions, which had stayed at the same level for several years, has slightly increased \u2013 last year the figure was 398 \u20ac\/m2<\/sup>, this year, however, it was 424 \u20ac\/m2<\/sup>.<\/p>\n

\"Apartment<\/picture>
Apartment market in Narva, July 2021<\/figcaption><\/figure>\n

Houses and cottages<\/h2>\n

A calmer summer meant that the number of transactions in the market of houses and summer houses remained at the same level as in June \u2013 the total number of transactions was 454, of which 337 were with houses and 117 with summer houses. Still, we have seen a very rapid growth in the first seven months of the year \u2013 in comparison to the same period last year, the number of transactions with houses has increased by 42.7% (1,554\u21922,218) and the number of transactions with summer houses by 22.3% (552\u2192675).<\/p>\n

Thus we see a continuing trend of moving to the countryside, which in the context of real estate market has boosted the number of transactions with houses, summer houses and plots. 3,053 transactions have already been concluded with plots of residential land, in comparison to year 2019 the number of transactions has increased by 120% and in comparison to year 2020 by 89%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Like in June, the number of transactions was influenced by the weather that was hotter than average, as well as the period of holidays \u2013 2,015 apartment transactions were concluded during the month, which was slightly more than in June but several hundreds less than in some of the previous months. As the structure of …<\/p>\n","protected":false},"author":13,"featured_media":2486794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12055],"tags":[],"class_list":["post-2486762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-market"],"acf":[],"yoast_head":"\nEstonian Real Estate Review, July 2021 – Uus Maa Kinnisvarabüroo<\/title>\n<meta name=\"description\" content=\"Like in June, the number of transactions was influenced by the weather that was hotter than average, as well as the period of holidays...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uusmaa.ee\/en\/estonian-real-estate-review-july-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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