{"id":2494389,"date":"2024-12-18T14:04:31","date_gmt":"2024-12-18T12:04:31","guid":{"rendered":"https:\/\/uusmaa.ee\/?p=2494389"},"modified":"2024-12-18T14:04:32","modified_gmt":"2024-12-18T12:04:32","slug":"november-market-overview-buyers-are-back-but-dictate-price","status":"publish","type":"post","link":"https:\/\/uusmaa.ee\/en\/november-market-overview-buyers-are-back-but-dictate-price\/","title":{"rendered":"November Market Overview \u2013 Buyers Are Back, But Dictate Price"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. On the other hand, it confirmed that the decline in interest rates and improved purchasing power have brought buyers back to the market. <\/strong><\/p>\n\n\n\n

Alongside the secondary market, activity in the new development market has also increased, but the average buyer remains sufficiently price-sensitive. As a result, sellers are still unable to shift the balance in price negotiations in their favor. To achieve a quick transaction, flexibility in pricing discussions is key. The market is therefore in a strong position, and the principle still stands that, due to the reduction in loan costs, we are currently in a period when real estate can be purchased at favorable prices.<\/p>\n\n\n\n

Estonian Apartment Market<\/h2>\n\n\n\n

Preliminary data shows that 782 transactions were concluded in Tallinn<\/strong> in November, which, while lower than October, was the second-best result of the year. This indicates that October\u2019s euphoric performance was not a fluke. Sales in the new development market have also shown a clear upward trend since July, with 121 sales in October and 142 in November. Both secondary market and new development transaction numbers are the highest since the summer of 2022, signaling where prices are likely headed in the near future.<\/p>\n\n\n\n

The Tartu<\/strong> market follows Tallinn\u2019s trend with a slight delay. Secondary market transactions and new development numbers also show signs of improvement, but November statistics still reflected a decline. The number of transactions dropped by 20% year-on-year (123 transactions), and the median price decreased by 17% (\u20ac2201\/m\u00b2). For the first 11 months, the number of transactions fell by 6.6%, the median price dropped by 3.5%, and turnover decreased by 6.9%. Market statistics tend to follow actual market changes with a slight delay.<\/p>\n\n\n\n

In P\u00e4rnu<\/strong>, the market was sluggish, as typical for the winter season. Preliminary data shows only 46 transactions, making it the third-lowest result of the year. However, the median transaction price was one of the year\u2019s highest at \u20ac2246\/m\u00b2, despite being 11% lower than last November. For the first 11 months of this year, the number of transactions decreased by 18%, the median price fell by 8%, and turnover dropped by 20%. P\u00e4rnu\u2019s market recovery is the slowest \u2013 in a small market, the decline in demand is immediately noticeable. If supply decreases significantly, the risk of oversupply emerges quickly, explaining the volatility of the P\u00e4rnu market.<\/p>\n\n\n\n

In Narva<\/strong>, fewer transactions were also concluded in November, but 63 transactions fall within the city\u2019s long-term market average. The median price for transactions was the highest of the year and increased by 5.4% compared to last November. For the first 11 months, the number of transactions decreased by 7%, the median price rose by nearly 3%, and turnover declined by 3%.<\/p>\n\n\n\n

(Igor Habal; Uus Maa Real Estate Analyst)<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. On the other hand, it confirmed that the decline in …<\/p>\n","protected":false},"author":20,"featured_media":2492125,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12050,12055,12049],"tags":[],"class_list":["post-2494389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-real-estate-market","category-useful"],"acf":[],"yoast_head":"\nNovember Market Overview \u2013 Buyers Are Back, But Dictate Price – Uus Maa Kinnisvarabüroo<\/title>\n<meta name=\"description\" content=\"The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. On the other hand, it confirmed that the decline in interest rates and improved purchasing power have brought buyers back to the market.\" \/>\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\/november-market-overview-buyers-are-back-but-dictate-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"November Market Overview \u2013 Buyers Are Back, But Dictate Price – Uus Maa Kinnisvarabüroo\" \/>\n<meta property=\"og:description\" content=\"The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. On the other hand, it confirmed that the decline in interest rates and improved purchasing power have brought buyers back to the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uusmaa.ee\/en\/november-market-overview-buyers-are-back-but-dictate-price\/\" \/>\n<meta property=\"og:site_name\" content=\"Uus Maa Kinnisvarabüroo\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uusmaakinnisvarabyroo\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-18T12:04:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-18T12:04:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uusmaa.ee\/wp-content\/uploads\/2024\/10\/WEB_Kroot_Tarkmeel_Photography-2913s-jpg.avif\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1334\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Kelly Kalm\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kelly Kalm\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"November Market Overview \u2013 Buyers Are Back, But Dictate Price – Uus Maa Kinnisvarabüroo","description":"The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. On the other hand, it confirmed that the decline in interest rates and improved purchasing power have brought buyers back to the market.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/uusmaa.ee\/en\/november-market-overview-buyers-are-back-but-dictate-price\/","og_locale":"en_US","og_type":"article","og_title":"November Market Overview \u2013 Buyers Are Back, But Dictate Price – Uus Maa Kinnisvarabüroo","og_description":"The number of transactions in October made the entire market surge, but November\u2019s result \u2013 with preliminary data showing 1782 transactions (likely to exceed 1800 by the final count) \u2013 revealed, on one hand, that October\u2019s statistics were exceptional and unsustainable in the near term. 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