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HomeEstoniaEstonian Land Board: Number of transactions in Q1 slightly down on year

Estonian Land Board: Number of transactions in Q1 slightly down on year

Data from the Estonian Land Board shows that there were 8,412 purchase and sale transactions in the first quarter of this year, totaling 950 million euros in value, whereas the number of transactions was 5 percent lower and the total value 6 percent higher than at the same time last year.

Compared to the previous quarter, the number of transactions decreased by 17 percent and the total value by 13 percent. The real estate price index grew by nearly 1 percent compared to the previous quarter and fell by 3 percent in the annual comparison.

Transaction activity was 17 percent lower than in the previous quarter, and the annual comparison shows a 5 percent decrease in the number of transactions. In the annual comparison, the total value of transactions with undeveloped land decreased by nearly 11 percent, while those with developed land increased by about 14 percent, and there was a 7 percent decrease in the number of apartment transactions. Transactions with other types of land totaled 111 million euros. Compared to the previous quarter, turnover from transactions with apartments, undeveloped land, and developed land decreased by 24, 21, and 8 percent respectively, which is typical for the first quarter of the year.

In the annual comparison, there were fewer transactions in all segments in the first quarter of this year, except for transactions with other types of land. Transactions with undeveloped land decreased by 1 percent, those with developed land by 9 percent, and residential apartment transactions by 8 percent. Compared to the previous quarter, there were about 26 percent fewer transactions with developed land, 11 percent fewer with undeveloped land, and 18 percent fewer apartment transactions.

In the first quarter of 2024, residential apartments accounted for 51 percent of the total sales turnover, developed land 24 percent, undeveloped land 14 percent, and other types of land 12 percent. The majority of transactions were with residential apartments, making up 52 percent of the total number of purchase and sale transactions. Transactions with undeveloped land accounted for 28 percent and developed land for 14 percent of the transactions.

In the first quarter of 2024, the average price per square meter for a new apartment in Tallinn was 4,373 euros, marking an annual growth of 14 percent. Compared to the previous quarter, the price increased by 2 percent. The average price per square meter for secondary market apartments in the capital was 2,745 euros, representing a 4 percent increase from the previous year. Excluding Tallinn, the average price per square meter for a new apartment in Estonia was 2,878 euros, with a growth of 1 percent annually and a decrease of 3 percent compared to the previous quarter.

The real estate price index fell by 3 percent in the first quarter of 2024 compared to the same quarter of the previous year, and compared to the previous quarter, the price index rose by nearly 1 percent.

Source: BNS

(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)

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