{"id":2490728,"date":"2023-09-27T15:24:26","date_gmt":"2023-09-27T12:24:26","guid":{"rendered":"https:\/\/uusmaa.ee\/?p=2490728"},"modified":"2023-09-29T11:24:37","modified_gmt":"2023-09-29T08:24:37","slug":"august-sees-increased-activity-in-the-apartment-market-but-prices-decline-in-estonia-overall-and-in-tallinn","status":"publish","type":"post","link":"https:\/\/uusmaa.ee\/en\/august-sees-increased-activity-in-the-apartment-market-but-prices-decline-in-estonia-overall-and-in-tallinn\/","title":{"rendered":"Market overview: Prices decline in Tallinn and overall Estonia"},"content":{"rendered":"
\"\"<\/picture>
Market overview: Prices decline in Tallinn and overall Estonia<\/figcaption><\/figure>\n

August saw increased activity in the apartment market in Estonia, but both Estonia as a whole and Tallinn experienced a decline in prices. However, transactions for some apartments are happening very quickly.<\/strong><\/p>\n

Looking at the dynamics of buying activity, it is clear that interest in second-hand residential properties is steadily growing. Successful transactions are mainly occurring at or below the appraised value. This has led to a plateau or a downward trend in prices in cities. Increases are seen where a larger number of previously reserved new development property transactions enter the statistics, which can drive significant price growth in smaller markets. This happened, for example, in Tartu.<\/p>\n

In Tallinn, the “gems” are renovated or well-maintained two-bedroom apartments in historic buildings priced up to 200,000 euros. People are searching for beauty, design, and high ceilings, and when something meeting these criteria becomes available for sale, a successful transaction is a matter of hours or a few days.<\/p>\n

The rental market has calmed down once again, with the number of listings starting to grow in August. However, this increase is mainly noticeable in the more expensive rental apartments. The market for more affordable rental apartments remains active, with prices also showing a slight upward trend. Generally, the larger price increases tend to end with the start of autumn, and towards the end of the year, we can expect to see stabilization here as well.<\/p>\n

Tallinn in Decline<\/h2>\n

In August, a total of 1,911 apartments were sold in Estonia<\/strong> (compared to 1,652 in July), with a median price per square meter of 2,038 euros. Compared to July, prices fell by 3.2%, and year-on-year, they dropped by 4.7%. Compared to August 2022, 21.7% fewer apartments were sold, marking a significant decline for this year.<\/p>\n

In Tallinn<\/strong>, 672 apartments were sold in August (compared to 649 in July), with a median price per square meter of 2,804 euros. Prices fell by 3.7% compared to July, but they increased by 1.3% year-on-year.<\/p>\n

As mentioned earlier, new developments made a significant impact on the real estate market in Tartu<\/strong>. A total of 203 apartments were sold (compared to 157 in July) at a median price of 2,621 euros per square meter. Compared to July, prices increased by 12.8%, and compared to August of the previous year, they increased by 11.4%.<\/p>\n

In P\u00e4rnu<\/strong>, 71 apartments were sold in August (compared to 51 in July), with a median price per square meter of 1,823 euros. Prices increased by 17.1% compared to July but only by 3.1% year-on-year. More new apartments also entered the market in the summer capital.<\/p>\n

In Narva<\/strong>, 63 apartments changed ownership in August (compared to 66 in July), with a median price per square meter of 495 euros. Prices dropped by 6.8% compared to July and by 14.2% year-on-year.<\/p>\n

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

August saw increased activity in the apartment market in Estonia, but both Estonia as a whole and Tallinn experienced a decline in prices. However, transactions for some apartments are happening very quickly. Looking at the dynamics of buying activity, it is clear that interest in second-hand residential properties is steadily growing. Successful transactions are mainly …<\/p>\n","protected":false},"author":20,"featured_media":2490599,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12050,12052,12055,12049,12056],"tags":[],"class_list":["post-2490728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-sales","category-real-estate-market","category-useful","category-uus-maa-in-media"],"acf":[],"yoast_head":"\nMarket overview: Prices decline in Tallinn and overall Estonia – Uus Maa Kinnisvarabüroo<\/title>\n<meta name=\"description\" content=\"August saw increased activity in the apartment market in Estonia, but both Estonia as a whole and Tallinn experienced a decline in prices. 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