According to Sten Renar Subatšjus, Head of the Analysis Department at Uus Maa Real Estate, the volatility seen in July and August reflects the ongoing balance in the market. “Throughout this year, the six-month average number of apartment transactions in Tallinn has remained around 750, and the six-month median price has stayed close to 2,800 €/m², showing the steady performance of the real estate market,” Subatšjus analyzed.

In August, 694 apartment transactions were completed in Tallinn, marking the weakest result of the year. Compared to last year, the number of apartment deals fell by over 5%, and compared to July, by as much as 12%. The median price dropped by nearly 4% compared to the same time last year, but rose 2% compared to July. “This year’s unusually active spring-summer period finally slowed down in August,” Subatšjus said.

In Tartu, the apartment market declined again in August after a positive July. Transactions fell 17% compared to last year and 10% compared to July. The median square meter price dropped by nearly 9% year-on-year and 3% compared to July, reflecting the usual pre-autumn revival in the university city. “The pre-autumn revival that began in July did not continue unexpectedly in August,” commented Subatšjus.

In Pärnu, 85 apartment transactions were made in August, on par with last year but 13% more than in July. The median price of Pärnu apartments has been rising for eight consecutive months compared to the previous year, reaching €2,192/m² in August. Compared to July, the median price rose by 5%. “Among the larger cities, Pärnu was the only one where August’s statistics showed positive year-on-year figures,” Subatšjus noted.

In Narva, August brought little change to the apartment market, and year-on-year figures remain negative. A total of 55 transactions were made, nearly 13% fewer than last year, while the median price fell by almost 20%. Compared to July, the number of transactions decreased by 8%, but the median price rose by 2 percentage points. “The figures show that Narva’s real estate market is still not showing signs of recovery,” Subatšjus remarked.