The number of real estate transactions decreased to the level of 2004 last year

In 2007, the total number and value of notarised purchase-sale contracts of real estate and of the right of superficies decreased by one fifth compared to 2006. Although the number of transactions has essentially decreased, the average value of transaction was not influenced by that regarding the year as a whole.

The decline in the number of contracts was mainly caused by the decrease in the number of contracts of dwellings and immovables with residential buildings. Compared to 2006, the number of contracts decreased by 16% and 38% accordingly. Continually, most contracts were verified by the notaries of Tallinn, at the same time the contracts verified by them decreased by 8,000 (23%) transactions compared to 2006.

11,100 purchase-sale transactions were carried out in the 4th quarter of 2007. The number of transactions decreased almost one third compared to the 4th quarter of previous year. Although in previous years the number of transactions in the 4th quarter exceeded transactions of the 3rd quarter, but in 2007 it was vice versa. The number of transactions has shown a decreasing trend since the 1st quarter of 2006.

The decline in the number of contracts is mainly caused by the decrease in the number of contracts of dwellings in all counties. Compared to the 4th quarter of 2006, 37% less transactions of dwellings were verified. Transactions of dwellings comprised a little more than a half of all purchase-sale transactions.

The number of transactions with immovables with residential buildings also decreased substantially in the 4th quarter. Compared to the 4th quarter of 2006 almost a half less of those transactions were verified.

Differently from other types of real estate objects, almost as many transactions with unimproved registered immovables as in the 4th quarter of 2006 were contracted. Compared to the 3rd quarter, the number of transactions with unimproved registered immovables increased 16%. The average value of a purchase-sale transaction with unimproved registered immovable decreased essentially as more immovables were sold in cheaper regions.

The total value of purchase-sale transactions of real estate and of the right of superficies in 4th quarter 2007 was 12.5 billion kroons. Compares to the 4th quarter of previous year, the total value of transactions decreased by 44%, but remained the same as it was in the 3rd quarter of 2007.

Notarised purchase-sale contracts, 1st quarter 1997 – 4th quarter 2007

^a Trend — the long-term general development of time series.

 

Statistics Estonia collects the data of transactions from all active notaries. The data reflect the purchase-sale contracts of real estate (earlier also movable property) and of the right of superficies.

 

For further information: Epp Karus Head of Service Services Statistics Service Statistics Estonia Tel +372 625 9229

More detailed data have are available in the Statistical Database.