Monday, 13 February 2012

Real Estate Market Continues Steady Recovery

Estonia's crisis-battered real estate market maintained its steady path of recovery in 2011, with the total value of sales up by a quarter compared to the year before, the latest numbers from Statistics Estonia show.

While the 32,486 transactions registered for the year represents only a 3 percent increase from 2010, the average value of each transaction has been growing, resulting in an overall sales total of 1.5 billion euros.

Despite the gains, sales volumes last year were still less than half of what they were during the peak of the real estate boom in 2006.

Residential property, which accounts for 48 percent of the market, saw average sales values rise by 13 percent last year.

The average purchase price per square meter of dwelling space in the country increased by a tenth in 2011, with the fastest gains registered in the cities. Tallinn prices were up 13 percent, Tartu 8 percent and Pärnu 6 percent compared to 2010.


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