According to Sten Renar Subatšjus, Head of the Analytics Department, the start of 2026 has provided signals that support the forecast made at the end of last year. “January–February confirms the trend: the number of transactions in several cities is more modest compared with the same period in 2025, but prices continue to move upward.”

In February, 662 apartment purchase–sale transactions were recorded in Tallinn. Compared with the same period last year, the number of transactions decreased by approximately 8.6%, although the market has clearly recovered from the December low — compared with January, transaction volume increased by nearly 6%. The median price per square meter for apartments reached 2891 €/m², representing an annual increase of 2.6%. During the first two months of 2026, a total of 1287 transactions were concluded in Tallinn, which is about 10.6% lower than the 1440 transactions recorded during the same period in 2025. However, the weighted median price at the start of the year stands at 2938 €/m², exceeding the January–February 2025 average (2830 €/m²) by approximately 3.8%. “If January recorded the highest median price in Tallinn in recent years, February eased slightly back. This is a healthy movement — prices do not grow in a straight line. What matters is that, on an annual basis, the direction of price growth remains clearly positive,” commented Subatšjus.

In Tartu, 99 apartment transactions were recorded in February. Compared with the same time last year, transaction volume increased by 6.5%, although compared with January it declined by three transactions, leaving the market hovering around the 100-transaction mark for the third consecutive month. The median price per square meter stood at 2237 €/m², which is virtually unchanged from a year earlier (−0.4%). During the first two months of the year, 201 transactions were completed in Tartu, which is approximately 14.8% lower than the 236 transactions recorded in January–February 2025. At the same time, the weighted median price for the period reached 2345 €/m², exceeding last year’s 2288 €/m² by around 2.5%. “Transaction volume in Tartu remains somewhat modest, but the price level is stable,” noted Subatšjus.

In Pärnu, 65 transactions were concluded in February, representing an increase of approximately 18.2% year-on-year and 25% compared with January. The median price reached 2101 €/m², rising by more than 14.2% compared with February last year. The combined result for the first two months of 2026 is strongly positive: 117 transactions were recorded, exceeding the 97 transactions during the same period in 2025 by approximately 20.6%. The weighted median price at the start of the year is 2112 €/m², about 8.8% higher than the 1940 €/m² recorded during the same period last year. Pärnu ended 2025 with 767 transactions, which was around 10.4% higher than the 695 transactions recorded in 2024, and the upward price trend has continued into the beginning of this year. “The summer capital has demonstrated with February’s results that 2026 is not starting slowly in this market segment. Both the increase in transaction volume and the more than 14% annual price growth are strong figures — we will see what the spring brings,” said Subatšjus.

In Narva, 52 apartment transactions were recorded in February, representing an increase of approximately 8.3% compared with the same time last year, while remaining unchanged compared with January. The median price stood at 401 €/m², representing an annual decline of approximately 10.4%. During the first two months of the year, 104 transactions were completed in Narva, which is about 14% lower than the 121 transactions recorded during the same period in 2025. The weighted median price for the period was 388 €/m², approximately 11.1% lower than the 437 €/m² recorded at the same time last year. “February’s 6.8% month-on-month growth is a moderately positive signal, but sustained consistency will be needed for a longer-term trend reversal. Narva’s market reacts strongly to broader regional and economic factors,” Subatšjus noted.