Friday, 9 March 2012

Capital's Real Estate Transactions Pick Up

The number of real estate purchases and sales in Tallinn in February grew 8 percent compared to January and the total value of the deals increased by 20 percent in that period, according to figures from the Land Board.

The increases compared to January 2011 were 28.7 percent and 38 percent, respectively.

The managing director of 1Partner Kinnisvara realty, Martin Vahter, said in an analysis that the market is starting to emerge from its winter torpor and growth is likely to be expected in March as well despite a slight increase in loan interest rates. “The ratio of loans to real estate price is at one of the most pro-buyer levels it has been in quite some time,” said Vahter.

In the category of apartment transactions in Tallinn, number of transactions was up close to 6 percent and the total value increased 14.2 percent. Year on year, the growth was 33.4 percent more transactions for an amount 42.2 percent higher.

The price of apartment floorspace in Tallinn remained over 1,000 euros per square meter for the 11th straight month - at 1,060 euros. The highest priced apartment transaction in February in Tallinn was 360,496 euros, and the lowest, 969 euros.

Fifteen plots with residential buildings were sold in Tallinn in February. The most expensive one was sold for 451,300 euros and the lowest priced one for 20,000 euros.

Nine undeveloped residential plots were sold in the capital last month, the highest for 600,000 euros and the cheapest for 31,000 euros.


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