Analytics, Estonia, Real Estate

This is less in comparison to the previous quarter as well as in comparison to the third quarter last year. The average price of real estate transactions fell as well.

The number of purchase-sale transactions concluded fell by one fourth in comparison to the third quarter 2007 and by more than ten% in comparison to the previous quarter. The total value of purchase-sale transactions that were notarised amounted to 8.2 billion kroons in the third quarter – 35% less in comparison to the same period of time last year and 18% less in comparison to the second quarter 2008.

Economic recession, restricted loan conditions and decreased purchase power are the main factors that are having the negative impact on the real estate market.

Trenda of the notarised purchase-sale transactions of real estate, 1st quarter 2000 — 3rd quarter 2008

^a Trend is the long-term general development of time series.

54% of purchase-sale contracts concerned the transfer of ownership over dwellings, 25% concerned unimproved registered immovables, 14% residential buildings and 7% non-residential buildings. In the year-on-year comparison, the number of purchase-sale transactions on dwellings and residential buildings decreased the most – by 27% and 33% respectively.

42% of notarised transactions concerned objects located in Tallinn and in the Harju County. The value of these transactions accounted for 60% of the total value of purchase-sale transactions.