Estonia, Good for Business, Legislation, Real Estate
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
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.