During the first quarter of 2023, the number of real estate transactions in Estonia decreased by almost a third compared to the same period last year. The total number of transactions amounted to 8882, with a total value of €895 million.

It turns out that the number of real estate transactions in Estonia has fallen to its lowest level in 10 years—comparable with the figure of 8,800 transactions in the first quarter of 2013. In addition, the total value of transactions during this period was also at a level not seen since 2020.

Here are some key figures characterizing the first quarter of 2023 compared to the same period in 2022:

  • During this period, there were 5,172 transactions for the purchase and sale of apartments.
  • Compared to last year, the number of transactions decreased by 27%, and the total value decreased by 28%.
  • In all 15 Estonian regions, the number of transactions decreased during the year. Only in Lääne-Virumaa, the total value increased by about a third.
  • The number of transactions in the secondary market decreased by a quarter, and transactions with new apartments fell by 10% on average.

As for the Estonian capital, Tallinn, for the first quarter of this year, every second new building has been sold. By the way, the average price per square meter of an apartment in the primary market was €3723. During the year, the price has grown by a tenth, and compared to the previous quarter, the price has increased by 3%.

Prices for secondary real estate increased by 5% year-on-year — the average price per square meter was €2656.