Analytics, Estonia, Markets and Companies, Real Estate

A total of 2,687 transactions in which unbuilt residential land changed hands were concluded in Estonia during 2018 and the total value of the transactions was 119 mln euros. Compared with 2017, the number of transactions declined 1.3 % and the total value of the transactions 1.5%, the Land Board said on Monday.

"Since 2017 was a very active year on the real estate market, also in the sector of unbuilt residential land, it can be expected that after such increase in activity market volumes will stabilize for some time when it comes to the total number of transactions as well as their value alike," Johannes Noupuu, chief specialist at the department for real estate appraisal at the Land Board, said.

For an average monthly gross wage it was possible, for instance, to buy just 3.3 square meters of unbuilt residential land in Tallinn's city center, but as much as 1,023 square meters in Mustvee town in Jogeva county in 2018.

The number of transactions and the total value of transactions were both biggest in Harju county, which includes the capital Tallinn. Transactions in Harju county accounted for 43% of all transactions across Estonia and for 74% of their total value.

Where in the previous three years the share of Harju county had been declining, in 2018 the percentage that transactions concluded in Harju county made up of all transactions increased.

The other more active regions were Tartu and Parnu, with 454 transactions concluded in Tartu county and 283 in Parnu county during the year.

The median price for unbuilt residential land across Estonia in 2018 was 10.6 euros per square meter, 19.3% higher than in 2017.

Leaving aside 2018, the median price of such land plots rather has been stable in recent years, being in the range from 8.4 to 8.9 euros.

The median was 26.6 euros in Harju county, 15.4 euros in Tartu county, 9.3 euros in Parnu county and 4.6 euros in West-Viru county.