While the first half of 2024 was still relatively sluggish, similar to the general real estate market, the second half of the year saw an increase in activity, including in the luxury real estate sector. The number of transactions in both the third and fourth quarters exceeded the levels of the same period in 2023, with the fourth quarter being particularly active, recording 61 transactions—second only to the second quarter of 2023 in the all-time rankings. A total of 154 transactions were made in 2024, which was 21% fewer than in 2023. The decline in transactions was primarily influenced by market cooling in the second half of 2022 and throughout 2023, as most transactions involved newly developed apartments that had been contractually sold under the law of obligations in late 2022 and 2023, during market downturn conditions.

The luxury apartment market is primarily shaped by new developments, which accounted for approximately 65% of transactions in 2022 and 2023. This trend continued in 2024, with 77 out of 154 transactions (50%) occurring in new apartments. Given the market recovery, we anticipate an increase in transactions in 2025. The apartment market is centered in Tallinn, with only eight transactions occurring outside the capital (in Viimsi and Rae municipalities), five of which involved semi-detached houses. Within Tallinn, no luxury apartment transactions took place in Mustamäe. By popularity, the districts ranked as follows: Kesklinn (60 transactions), Põhja-Tallinn (43 transactions), and Haabersti (25 transactions). In other districts, fewer than 20 transactions were recorded.

The highest median transaction price was in Põhja-Tallinn at 5653 €/m², while in Kesklinn and Haabersti, the median price was around 5000 €/m² (5002 €/m² and 4979 €/m², respectively). In Haabersti, luxury apartments were primarily sold in new developments in Merirahu and Merimetsa, while in Kalamaja, they were concentrated in Uus-Volta, Noblessner, and Kalaranna developments. In Kesklinn, transactions were fairly evenly distributed, suggesting that larger family apartments will soon no longer be available in most central developments for under 500 000 €. Four transactions had a final price of at least 1 million euros.

The lower price limit for luxury real estate typically starts at 4000 €/m², though some larger apartments in less central locations fell below this level (22 apartments in total). The price for larger apartments (over 100 m²) generally reached up to 6000 €/m², while for smaller apartments, prices extended up to 8000 €/m². The predominant apartment size ranged between 102.5 m² and 131.3 m², with a median size of 118 m². The prevailing price range was 4344–6066 €/m², with a median price of 5023 €/m². Similar to transaction volume, price levels have remained stable in recent years, but the price range has widened. In total, 21 transactions were made at prices above 7000 €/m², with Kalaranna development dominating the high-end segment, where some transactions exceeded 9000 €/m².

The luxury house market saw a recovery in the second half of 2024. While only 8 transactions were recorded in the first half of the year, the second half saw 14 transactions, making it the best period since the first and second halves of 2022. In total, 22 transactions were recorded for the year, the same as in 2023 but nearly half the number seen in 2022. Market activity has increased, and looking at the transactions, it is clear that the overall price growth in the house market has been driven by the improved condition of the houses sold.

In 2024, most transactions occurred in Tallinn and Viimsi municipality, with some high-end houses also sold in Harku, Jõelähtme, and Rae municipalities. The houses that were sold typically had above-average floor space (median size of 348 m²), while plot size was not a key factor (median plot size was only 1,670 m²). Only five properties had land plots larger than 5,000 m². Seven of the transacted houses were built in the last five years, while most others were built between 2001 and 2019.

The median price per square meter for luxury houses was 3242 €/m². The price range for more luxurious homes started at 4000 €/m² and went up to nearly 6000 €/m². Out of 22 transactions, 14 had a final price of at least 1 million, with two exceeding 2 million euros.

Like other segments, the land plot market also rebounded in the second half of 2024. While only 11 transactions for high-end plots took place in the first half of the year, the second half saw a record-breaking 36 transactions. Over the entire year, 47 transactions were made—10 more than in 2023.

Geographically, most transactions involved plots in coastal areas between Kakumäe Peninsula and Viimsi Peninsula. The only exceptions were two transactions in Rae and Saue municipalities. Most of the sold plots were either covered with high greenery or located in scenic areas, generally above average in size (median plot size of 2,980 m²). Viimsi municipality was the most active area, accounting for 24 transactions, nearly 20 of which involved land from the Bryncki development in Pringi village. In Tallinn, 14 transactions were made, while no other municipality recorded more than two transactions.

The median transaction price for land plots in 2024 was 310 000 € (110 €/m²). This means that prices have remained stable slightly above the 300 000 € level, as the median price was 315 000 € in 2022 and 335 000 € in 2023. In 2024, a new record was set for the highest price of an individual residential land plot, with one plot in Tallinn selling for approximately 1.5 million euros. A total of five transactions exceeded 500 000 €.