The last three years have been relatively chaotic for residential real estate in Tallinn’s Old Town due to the corona pandemic, but last year we saw an increase in transaction activity, which in turn has pushed up prices.
Has the “corona era” affected the number of transactions in the Old Town?
According to the data of the Estonian Land Board’s price statistics, the number of apartment purchase-sale transactions in 2019 and 2020 was relatively similar – 73 and 79 successful transactions. Last year we saw almost 25% growth in transaction volumes – 102 apartments changed owners. One of the reasons for the transaction increase might be ongoing corona disease. More transactions were made with the apartments that used to provide home accommodation as a business.
Have the prices of apartments in the Old Town risen?
The square meter price of apartments in the Old Town has risen by 337(8.9%) euros in the last three years. Last year, an average square meter price of an apartment in the Old Town was 3,250 euros.
The most expensive single transaction price per square meter in the last three years has been 9,169 euros. In the period of 2019-2021, the most expensive apartment was sold for almost 1.2 million euros.
What are the most popular apartments in the Old Town?
There are rather larger apartments in the houses of the Old Town. It is not surprising that most sold apartments were larger than 70 m2. The lowest number of apartments sold were with floor area with less than 40.99 m2.
How Much could Your Old Town Apartment Cost?
Unfortunately, the author of the article does not have ability of clairvoyance. The price range of apartments in the Old Town is very wide, because each apartment is unique and different. There are many factors that affect the price, the location, the condition of the house, the level of the interior decoration, the floorplan and the parking possibilities.
If you have sales idea in Your mind, please contact me and we will find the best solution for You.
- Lauri Esko
- +372 5050312
- lauri.esko@1partner.ee
- Rävala pst 3, III korrus
- www.1partner.ee
