{"id":2490498,"date":"2023-08-08T13:44:20","date_gmt":"2023-08-08T10:44:20","guid":{"rendered":"https:\/\/uusmaa.ee\/?p=2490498"},"modified":"2023-08-08T13:44:20","modified_gmt":"2023-08-08T10:44:20","slug":"decline-in-the-apartment-market-in-larger-cities-in-july-seasonal-dip-or-a-broader-trend","status":"publish","type":"post","link":"https:\/\/uusmaa.ee\/en\/decline-in-the-apartment-market-in-larger-cities-in-july-seasonal-dip-or-a-broader-trend\/","title":{"rendered":"Decline in the Apartment Market in Larger Cities in July – Seasonal Dip or a Broader Trend?"},"content":{"rendered":"
\"\"<\/picture>
Decline in the Apartment Market in Larger Cities in July – Seasonal Dip or a Broader Trend?<\/figcaption><\/figure>\n

Opinions Diverge on the Future Development of the Market<\/b><\/h2>\n

Views on the future development of the apartment market diverge, depending on the indicators considered and the basis for forecasting. Positive aspects include decreasing inflation and no significant winter surge in energy prices. On the negative side, factors such as a weak economy, high loan interest rates, and low buyer confidence play crucial roles.<\/p>\n

Considering these influencing factors, it is predictable that the current situation will continue in the near future \u2013 the market remains functional, transactions are taking place, but caution prevails, leading to slower decision-making.<\/p>\n

High demand is seen for well-maintained or renovated apartments that are ready to move in or require minimal work. On the other hand, there is also demand for more affordable apartments needing renovation.<\/p>\n

Notably, when a high-quality apartment is listed at a good price, with stylish interior and building, potential buyers show immediate interest, often resulting in competitive bidding. This indicates that there is a target audience actively seeking quality apartments in the secondary market.<\/p>\n

Slowing Apartment Market<\/b><\/h2>\n

In July, according to data from the Land Board, a total of 1649 apartments were sold throughout Estonia, which is 15.6% less than in June. Compared to the same month last year, the transaction activity dropped by 24.1%, reflecting a trend that has characterized the Estonian real estate market for over half a year. The median price per square meter for apartments in Estonia was \u20ac2120 in July. Within a month, the price level decreased by 5.5%, but it increased by 1.9% compared to the previous year.<\/p>\n

In Tallinn<\/strong>, 643 apartments were sold in July (810 in June) with a median price per square meter of \u20ac2921. While the price level decreased by 5.7% during the month, it increased by 4.3% compared to the previous year.<\/p>\n

In Tartu<\/strong>, 157 apartments changed ownership (173 in June), with a median price per square meter of \u20ac2324. The price level dropped by 4.2% within the month but increased by 7.9% compared to the previous year.<\/p>\n

In P\u00e4rnu<\/strong>, 51 apartment purchase-sale contracts were concluded in July (62 in June), with a median price per square meter of \u20ac1557. The price level decreased by 21.5% during the month but dropped by 9.9% compared to the previous year.<\/p>\n

In Narva<\/strong>, 66 apartments were sold in July (68 in June), resulting in a median price per square meter of \u20ac531. While the price level declined by 0.7% within the month, it fell by 1.3% compared to the previous year.<\/p>\n

Thus, it can be concluded that the double-digit annual increases in apartment prices, which have characterized our market for a long time, have now come to an end and have been replaced in some places by a decline.<\/p>\n

Risto V\u00e4hi (Market Analyst)<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Opinions Diverge on the Future Development of the Market Views on the future development of the apartment market diverge, depending on the indicators considered and the basis for forecasting. Positive aspects include decreasing inflation and no significant winter surge in energy prices. On the negative side, factors such as a weak economy, high loan interest …<\/p>\n","protected":false},"author":20,"featured_media":2490499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12057,12050,12055,12054,12049],"tags":[],"class_list":["post-2490498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-new-in-uus-maa","category-news","category-real-estate-market","category-residential","category-useful"],"acf":[],"yoast_head":"\nDecline in the Apartment Market in Larger Cities in July - Seasonal Dip or a Broader Trend? – Uus Maa Kinnisvarabüroo<\/title>\n<meta name=\"description\" content=\"Views on the future development of the apartment market diverge, depending on the indicators considered and the basis for forecasting. Positive aspects include decreasing inflation and no significant winter surge in energy prices. 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