Uus Maa: Market review February 2018

Uus MaaEven though February brought colder weather, it did not prevent the conclusion of sale/purchase contracts for previously agreed real estate transactions. Compared to January, the number of transactions increased by 19, and by 114 compared to last February – in other words, the real estate market continued to be active, and it was the most active February over several years. The median price of transactions dropped in comparison to January (–4.9%) but compared to the same time last year, the median price increased by 13.6%. The high median price and high transaction activity are still based on the market of new developments, and it can be said in advance that if the influence of the external environment remains the same, a price increase is to be expected also this year.

180316 Market review February 2018 1Information: Land Board

At the level of counties, the percentage of transactions changed most namely in small counties where due to the small number of transactions, monthly changes are remarkable. Out of the counties with a larger number of transactions, the number of transactions decreased in Harju County by 41 and Tartu County by 14, whereas in Ida-Viru County the number of transactions increased by 15 and in Pärnu County by 27. The number of transactions increased in total of nine counties and decreased in total of five counties.

The median price increased in February in total of six counties and decreased in nine counties. The median price was highest in Harjumaa where it reached 1,695 EUR/m2, increasing a little compared to January and even by 10.1% compared to last February. In absolute numbers, the median price decreased most in Saaremaa (–231 EUR/m2) and Lääne County (–186 EUR/m2) but increased in Põlva (267 EUR/m2) and Viljandi Counties (195 EUR/m2). Similarly to the statistics of transactions, the median price increased most mainly in the counties where the price had dropped the month before, and vice versa. Of the larger counties, the median price increased only in Ida-Viru County, reaching the highest level of the yearly period (236 EUR/m2).

180316 Market review February 2018 2Information: Land Board

In Tallinn, February brought a drop in the number of transactions (by 34) but thanks to changes in transactions in the districts where the number of transactions dropped mainly in the districts with a lower median price and vice versa, the median price of transactions increased by 2.7%, reaching 1,774 EUR/m2. Compared to last February, the median price increased even 11.6%. Thus, in comparison to last year, already 151 transactions more have been concluded during the first two months of the year, and the median price of the transactions has increased by 7.9%.

180316 Market review February 2018 3

Information: Land Board

Of official information, the changed interest in the segment of new developments can be best explained by the statistics regarding the transferors of real estate transactions, even though it also reflects immovable properties in addition to apartment ownerships. Compared to January, the number of real estate objects bought by legal persons decreased by 42 but the market is still active, as in comparison to last year, legal persons have bought already 78 objects more. Also, their share in the purchase transactions was over 50% already for a third consecutive month.

180316 Market review February 2018 4Information: Land Board

In a smaller market, changes in the structure of transactions are more visible. As in comparison to January the sales by legal persons increased most in the Centre and Kristiine and decreased most in Lasnamäe and Mustamäe, the sales decreased or increased mainly due to the same reasons in all the district. Compared to January, the number of transactions decreased in Lasnamäe by 57 and Mustamäe by 25, whereas in the Centre, the number of transactions increased by 31 and in Kristiine by 28.

180316 Market review February 2018 5Information: Land Board

Even though the median price of the transactions increased in the city as a whole, the median price only increased in three districts: Haabersti (6.3%), Kristiine (3.3%) and Nõmme (0.9%). All the districts are characterized by increased number of objects bought by legal persons compared to January. The decrease in the median price was smallest in Pirita (–10%) and Mustamäe (–9.7%), whereas the number of objects sold by legal persons in Mustamäe decreased more than twice. Similarly to January, the median price was over 2,000 EUR/m2 in the Centre (2,302 EUR/m2) and Kristiine (2,071 EUR/m2).

180316 Market review February 2018 6Information: Land Board

In February, the cold days, shorter month and a smaller market of new developments negatively influenced the real estate market of Tartu. Compared to January, the number of transactions decreased by 32 and 115 sale/purchase transactions was the smallest number since December 2015. Compared to January, the median price also dropped considerably (–8.8%) but in comparison to last February, the median price increased even by 11.7%, reaching 1,351 EUR/m2.

180316 Market review February 2018 7Information: Land Board

We have predicted an increase in the median price for the market of flats in Narva, and based on the two first months, a small price increase can be observed. Compared to January, in February, the median price decreased by 36 EUR/m2 but compared to last year, the median price was higher in the first two months of the year. In February, 64 transactions were concluded in Narva. Compared to January, the number of transactions increased by 20 but a smaller number of transactions than last year were concluded both in January and in February.

180316 Market review February 2018 8

Information: Land Board

In the market of Pärnu, characteristically of the summer capital, the beginning of the year has shown little transaction activity – usually, in top months even twice as many transactions are concluded compared to the first months of the year. In February, 60 transactions were concluded in Pärnu. Compared to January, 12 transactions more were concluded, but compared to last year, 10 transactions less in two months. Compared to January, the median price decreased by 10.6%, remaining at 1,148 EUR/m2.

180316 Market review February 2018 9Information: Land Board

Even though of the remaining municipalities the largest number of transactions was again concluded in Kohtla-Järve City (48 transactions), the active market of new developments has brought several municipalities of Harju County quite close to Kohtla-Järve. So it was also in February when Rae municipality (with 38 transactions) was the most active one next to Kohtla-Järve. The biggest rise in February took place in Tartu municipality where thanks to the real right transactions of new developments, both the number of transactions and the median price considerably increased. For the other municipalities, the median price remained similar to that of the first month of the year.

180316 Market review February 2018 10Information: Land Board

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