The total number of real estate transactions increased last year
According to Statistics Estonia, in 2013, 41,650 purchase-sale transactions of real estate in the total value of 2.0 billion euros were notarised. In 2013, the number of transactions increased by 15% compared to 2012 and the total value of transactions increased by 18%.
The rise of the Estonian real estate market continued in 2013 and the number of transactions was the highest since the economic downturn. Compared to the boom year 2006, transaction activity was still 30% lower. In 2013, the average value of a purchase-sale transaction was 48,900 euros, which is 2% more than in 2012. The growth of the number of transactions was greatly due to an increase in the number of transactions with apartments.
Transactions with apartments accounted for a half of all purchase-sale transactions. People’s growing confidence, low interest rates and the gradual addition of new developments have kept the real estate market active. The number of transactions with apartments increased 15% compared to 2012, while the total value of transactions with apartments increased by a quarter.
Compared to 2012, the average value of purchase-sale transactions with apartments increased the most in Southern Estonia and in North-Eastern Estonia (16% in each). In Northern Estonia transactions were 10% more expensive, on average, and in Central Estonia average transaction value remained at the level of 2012. The average value of a transaction decreased only in Western Estonia (which had shown the largest growth in 2012), by more than a tenth.
In 2013 the average price per square metre of an apartment in a purchase-sale transaction was 840 euros, which is 10% more than in 2012. The price per square metre increased 14% in Tallinn, 13% in Tartu and 5% in Pärnu.
Transactions with unimproved registered immovables accounted for 31% and transactions with registered immovables with buildings for 19% of all purchase-sale transactions of real estate. Compared to 2012, the average value of a transaction with an unimproved registered immovable remained at the same level, while the average value of a transaction with a registered immovable with buildings decreased 5%.
Trend of notarised purchase-sale transactions, 1st quarter 2003 – 4th quarter 2013
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More detailed data have been published in the Statistical Database. Since 2008 the data of the Estonian Land Board serve as the basis for the production of official statistics on purchase-sale transactions of real estate. Before that, Statistics Estonia collected the data from notaries.