Looking at the number of apartments sold in various cities over the past month, it has remained relatively stable over the past year. Excluding intermittent fluctuations, mostly resulting from the registration of a larger number of new developments, apartment sales have remained at a similar level since late autumn of the previous year. Despite the ongoing decline in the number of transactions, median prices per square meter have remained steady. Examining the numbers more closely reveals that prices for secondary market apartments have decreased over the year, while those for new properties have increased.

As the reservation and construction of new apartments have declined, the number of completed residential units is gradually decreasing, impacting the statistics. Therefore, we anticipate seeing more statistical price decreases in the coming year, with secondary market apartments becoming more dominant. As mentioned in the previous overview, this quiet period is expected to continue, and there may not be any significant changes until spring.

The apartment market in November followed the trend set by the preceding months, and there were few surprises. Throughout Estonia, 1695 apartments were sold (1790 in October), with a median price of 2055 euros per square meter. Compared to October, prices increased by 7.2%, while there was a 5.8% decrease over the year.

In Tallinn, 680 apartments changed ownership (679 in October), with the median price per square meter reaching 2948 euros. Prices increased by 0.6% for the month and 5.8% over the year.

The apartment market in Tartu grew again in November, with 154 transactions (120 in October) and a median price of 2660 euros per square meter. While prices increased by 25.9% for the month, there was an 11.1% increase over the year. Tartu’s statistics clearly show that new apartments gained more prominence in November, with buyers acquiring ownership through property contracts in completed developments.

Pärnu, on the other hand, experienced a quieter November. If new apartments dominated in October, the apartment market in the summer capital followed its usual rhythm in November. Sixty apartments were sold (100 in October), with a median price of 2196 euros per square meter. Prices decreased by 8.6% for the month and 6.9% over the year.

In Narva, 81 apartments were sold in November (73 in October), with a median price of 551 euros per square meter. Compared to October, transaction prices increased by 8%, and there was a 5% increase over the year.

Risto Vähi / UUS MAA Real Estate Analyst