The end of the year brought positive changes on the real estate market
According to Statistics Estonia, in 2009, 26,550 purchase-sale transactions of real estate with the total value of 18 billion kroons were notarised. If in the three first quarters of the year the number of purchase-sale transactions was smaller compared to the corresponding quarters of 2008, then in the 4th quarter a growth took place.
In the 4th quarter the number of purchase-sale transactions increased 13% compared to the 4th quarter of 2008 and 30% compared to the 3rd quarter of 2009.
During the year the number of transactions decreased by 23% compared to 2008 and the total value of transactions decreased by 47%. In 2009, the average value of a purchase-sale transaction was 682,200 kroons, which is 31% smaller compared to the average value in 2008. The average value of a purchase-sale transaction has decreased remarkably (by about a half) in North-eastern Estonia (46%). In Western Estonia the average value of a purchase-sale transaction decreased by 39%, in Southern and Northern Estonia by almost a third in both regions. In Central Estonia the respective indicator did not change significantly. The number and total value of purchase-sale transactions with dwellings decreased the most (31% and 55%, respectively).
In the 4th quarter, 8,285 purchase-sale transactions with the total value of 5 billion kroons were notarised. The value of transactions increased 33% compared to the previous quarter and decreased 18% compared to the 4th quarter of 2008. The increase in the number and value of transactions was mainly caused by the double increase in the number and value of contracts of unimproved registered immovables.
In the 4th quarter, the average value of a purchase-sale transaction was 633,400 kroons, which was 2% bigger compared to the previous quarter and 27% smaller than in the 4th quarter of 2008.
Trend of the notarised purchase-sale transactions of real estate, 1st quarter 2000 – 4th quarter 2009
Since the 1st quarter of 2008 the data of the Estonian Land Board serve as a basis for the production of official statistics on the purchase-sale transactions of real estate. In previous years Statistics Estonia collected the data from notaries.