The Pindi index, which reflects the average cost of transactions with apartment property in Estonia's 17 largest cities, increased by 1% in June and settled at a price level of 2,304 euros/m². According to adjusted information, the Pindi index, which reflects the results of monitoring the average cost per square meter of apartments, in May was 2,282 euros per sq. m. If in May there were a total of 1,154 transactions with apartment property in the indexed cities, then in June their number was 953. According to Pindi Kinnisvara sales partner Peep Sooman, recovering from a long economic downturn takes time, and an increase in the number of offers and declining demand is the natural course of things. “For 10 years, sellers dominated the market and left families who chose a new home with their noses if someone offered them even a thousand euros more. Now the opposite situation has developed – buyers dictate how the situation will develop, and if we are talking about not very outstanding real estate, then the seller is simply driven into a corner and presented with a fact: either the transaction will take place at the desired price, or it will not happen at all,” – he explained. Sooman added that the market situation cannot be called sufficiently stable. “A stable market is when buyers and sellers work together to find mutually acceptable solutions, and not when one side composts the brains of the other. We have also seen this, but in turbulent Estonia it is common to turn either in a good direction or with the same force in a bad direction. I am sure that we will see the equilibrium point only next year, and this year the holiday for buyers will continue,” he added. Compared to the previous price peak in December 2023, the index is down 15%. Compared to the lowest figure recorded in July 2009 (624.2 euros/m²), the Pindi index is 269% higher. When compiling the price index by Pindi Kinnisvara, the weighted average cost per square meter of purchase and sale transactions involving apartment property was taken into account in all county centers and additionally also in the cities of Kohtla-Järve and Narva. In this case, we are dealing with indicators covering the housing of more than 800,000 residents of the republic over more than twenty years of history.
