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International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 13:22

Number of real estate transactions in Estonia climbs 6.3% in Q3

BC, Tallinn, 23.10.2017.Print version
A total of 13,018 real estate purchase and sale transactions were concluded in Estonia in the third quarter of this year, 6.3% more than during the same three-month period in 2016, reports LETA/BNS.

Quarter over quarter, the number of transactions declined 3.6%, data available from the Land Board shows.

 

The number of transactions concluded during the second quarter of this year was the highest quarterly figure for the past decade and was a result of volume growth in the real estate sector as well as several block transactions.

 

During the quarter, real estate purchase and sale transactions worth altogether 792.2 million euros were notarized in Estonia, marking year-on-year increase of 0.4%. The rate of growth compared with the second quarter of 2017 was 7.1%.

 

The number of transactions in which a dwelling changed hands grew 3.8% year over year and 5.6% quarter over quarter. The total value of such transactions was bigger by 10.6% than in the third quarter of 2016 and by 12% than in the previous quarter. The latter can be attributed to both a bigger number of apartments changing hands as well as the share of new apartments in the overall number of transactions climbing back to the usual level after a weaker second quarter.

 

The ratio of new apartments sold as a dwelling was 17.7% in the third quarter, similar to the ratio for the beginning of the year and significantly higher than in the second quarter.

 

During the quarter 1,029 new apartments were sold, 294 more than in the second quarter. In the capital Tallinn 577 new apartments were sold and the average price of new apartments was 2,108 euros per square meter, 2.7% higher than in the previous quarter. The price of apartments in the city center is on the average 1,000 euros higher per square meter than in the Soviet-built suburbs.






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