In 2021, 27,213 apartment transactions were made in Estonia, which is 24.3% more than a year earlier. Of these, 10,878 apartments were sold in Tallinn, which is 22.3% more than a year ago. The sale price of the most expensive apartment was just over 1.4 million euros.
Last year, 3,757 land plots were sold in Estonia, which is 24.7% more than a year earlier. The average price of a private house increased by 17.6% over the year and amounted to 133,300 euros. The most expensive mansion was sold for 2.5 million euros.
In 2021, 4707 transactions were carried out with undeveloped land plots – 55% more than in 2020. The average price of a plot of land increased by 13.7%, reaching €47,800. The most expensive plot in the country was sold for 564,000 euros.
Last year, dacha sales grew by 19.3%, with a total of 1,129 transactions completed. The average price of a dacha was 55,400 euros, which is 23.3% more than a year ago.Over the past 12 months, the construction of apartment buildings has rapidly risen in price, construction prices have increased by almost 20% over the year. If you look at the dynamics of construction prices over the past five years, the growth was about 25%. This means that almost 80% of the price increase over the past five years has happened this year.
Of course, the average selling price per square meter of apartments has also increased. In five years, it has increased by 37%, and in the third quarter of this year, the average price per square meter was 1,512 euros.
The increase in real estate prices is synchronized with the growth of incomes of Estonian residents. Wage growth over the past five years amounted to 36%. The average monthly gross salary in the third quarter was 1553 euros.
While the average monthly gross salary in Estonia exceeds the average price per square meter of an apartment, this is not the case in Tallinn. In the capital, over the past five years, the price per square meter of apartment property has increased by 34%, reaching an average value of 2,362 euros per square meter in the third quarter. The average monthly gross salary for the same period increased by 31%, reaching an average of 1,746 euros in the third quarter.