According to Sten Renar Subatšjus, Head of the Analysis Department at Uus Maa Real Estate Agency, December’s figures likely indicated the course and pace at which we will move into the new year. “Transaction activity is not waning and prices are not falling; it remains to be seen how significantly the removal of the tax bracket distortion will begin to amplify this trend in 2026,” said Subatšjus.

On Tallinn’s apartment market, 705 purchase-sale transactions were completed in December. The number of transactions fell by nearly 16% compared to last year, while remaining at a similar level to November. The median price per square metre increased by less than 1% year-on-year and by less than 1,2% month-on-month – meaning no major changes. “Whether this is the calm before the storm or whether we will continue on a similar stable course in the new year will likely become clear in the first months of the year,” Subatšjus analysed.

Tartu’s apartment market also remained subdued in December, hovering near the 100-transaction mark, with 107 transactions. Compared to last year, the number of transactions fell by 26%, while remaining unchanged compared to November. The median price per square metre of apartments decreased by 7% year-on-year and by 9% month-on-month, standing at 2 188 €/m² in December. “It is likely that buyers and sellers in Tartu are also taking a wait-and-see approach regarding what the new year will bring,” commented Subatšjus.

In Pärnu, 45 apartment transactions were concluded in December, which is 15% fewer than a year ago and 12% fewer than in November. The median price also declined – by over 5% year-on-year and over 10% month-on-month – falling to near the 1 900 €/m² level in December. “For Pärnu, this was a typical quiet off-season winter month,” noted Subatšjus.