Apartment prices rising in Estonia to September 2018
Apartment prices in Estonia have risen year-on-year (y-o-y) to September 2018, by nearly 9% in provincial Estonia, according to figures from the Estonian Land Board (Maa-Amet).
Mean price per square metre, the usual metric in the valuation of Estonian properties, rose by 4% y-o-y in Tallinn and over twice that in the rest of Estonia. Median price per square metre saw a larger rise in Tallinn (7.3%) though was lower in the rest of Estonia than the mean, at 6.4%.
Perhaps unsurprisingly, the volume of apartments changing hands fell y-o-y, particularly in Tallinn, where the total value of transactions also fell. The total value of transactions in provincial Estonia actually rose y-o-y.
So far as September 2018 compared with August 2018, the mean increase in prices was only small in Tallinn and actually fell in the rest of Estonia.
Tallinn property prices, like many capital or primary cities, are considerably higher than the rest of the country (more than double, per square metre), though the ”Tallinn effect” spreads well beyond the city limits, and there are pockets of affluence in Tartu, Pärnu and some other western districts of the country.
The breakdown is as follows:
|Figures for September 2018||Tallinn||Rest of Estonia|
|Price per sq m||€1,823||€753|
|Change Sept-Aug 2018||+1.8%||-5.8%|
|Median price per sq m||€1,778||€580|
|Number of apartments changing hands||762||1,050|
|Change y-o-y||– 7.5%||-3.4%|
|Change Aug-Sept 2018||+8.9%||nk|
|Total value of transactions||€80.3 million||€48.6 million|
|Change Aug-Sep 2018||+24%||nk|
Data provided by the Estonia Land Board and subject to adjustment.