The real estate market livened up last year
According to Statistics Estonia, in 2010, 30,979 purchase-sale transactions of real estate in the total value of 1.2 billion euros (18.8 billion kroons) were notarised. Compared to the previous year, both the total number as well as total value of purchase-sale transactions increased. However, the average value of a purchase-sale transaction remained lower.
During the year, the number of transactions increased by 18% compared to 2009 and the total value of transactions increased by 6%. An increase in the number of transactions with dwellings by nearly 3,000 transactions or by one fifith had the greatest impact on the growth in the number of transactions. In 2010, the average value of a purchase-sale transaction was 38,857 euros (608,000 kroons), which is by a tenth less than in 2009 and by a half less than in 2006 – a year characterised as the peak time of real estate transactions. Compared to 2006, the number of purchase-sale transactions with registered immovables and dwellings has decreased by over a half.
During the year, the average value of a transaction with unimproved registered immovable decreased by nearly a fourth and the average value of a transaction with registered immovable decreased by almost a tenth. The average value of a transaction with dwelling remained at the same level.
Compared to 2009, the average value of a purchase-sale transaction decreased the most i.e. by 42% in Central Estonia. In Western Estonia the decrease was 28% and in Northern Estonia 6%. In Southern and North-eastern Estonia, the average value of a purchase-sale transaction did not change significantly during the year.
In 2010 the average price per square metre of a dwelling in purchase-sale transaction was 640 euros (10,000 kroons), which is 1% more than in 2009. The price per square metre in Tallinn increased 5% and in Tartu 4%. In Pärnu, the price per square metre decreased 8%.
Trenda of the notarised purchase-sale transactions of real estate, 1st quarter 2000 – 4th quarter 2010
a Trend is a long-term general development of time series.
Since 2008 the data of the Estonian Land Board serve as a basis for the production of official statistics on the purchase-sale transactions of real estate. In previous years Statistics Estonia collected the data from notaries.
More detailed data have been published in the Statistical Database.