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Overview: how prices have changed for apartments in Estonian cities over tenyears

Oбзор: как изменились цены на квартиры в городах Эстонии за десять лет

Over the last ten years the Estonian apartment market has changed substantially. Average prices square meters in many cities have increased, while while as in some districts the price increase was more small or

even absent. Winter Rakvere.

Picture illustrative. Winter Rakvere. Photo illustrative. Photo: Ain Liiva

The last ten years the Estonian apartment market has changed significantly . Average price square meters  in many cities increased, while while as in some districts the price increase was

more small or even absent.

The real estate City24.ee has analyzed the most interesting changes in prices in 47 populated points. 

The Largest Growth in Prices

“The most significant growth in prices for apartments over the last ten years has occurred in the smallest populated points. where in 2015 year the prices were very low”, – commented the head of the portal City24.ee Karin Karin Noppel-Kokerov.

“For example, Jygeva has made a big jump: from 157 euros per square metre the average price increased to 556 euros, which means a price increase by 254 percent. Analogous prices for apartments in Haapsalu, Elva and Abya Paluoya have increased by 232, 205 and 223 percentages respectively,” she added.

As a clear example of the price increase could be two-room apartments in Elva, for which in 2015 year asked in average 543 euros per square meter, and in 2024 year already 1648 euros – increase in prices by 203 percent!

In Tallinn, Tartu and Pärnualso significant increase in prices. Average price of square meters of apartments in Tallinn increased from 1549 euros to 2997 euros, which is increased by 93 percent, and in Tartu from 1 221 euros>to 2 473 euros, increased by 102 percent. In Pärnu prices increased from 884 euros to 2072 euros – increase by 134 percent. Of course, these cities have always been attractive for investors, and for housing buyers, so the increase in their price is not unexpected.

Regions With Low Price Growth

While while most cities have experienced significant price growth, some some places have increased very moderately. In Narva the average price of a square metre of apartments over ten years has increased only 20 percent, which is one of the lowest temps of growth in all Estonia. Sillamäe, where the average price per square meter has even dropped from 316 to 301 to 301.

Significant increases in prices occurred also in Paldiski, Jõhvi and Kohtla-Järve. Living conditions in these cities have improved, but problems with the employment and the decreasing number of residents are holding back the price increase.

“Trends in the apartment market show that the real estate market in Estonia is becoming increasingly polarized:Prices are rising faster in cities where the economy is growing, the population is growing and the environment is becoming more modern,” said Knoppel-Kokerov.

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