Estonia continues to have the most expensive residential housing in the Baltic States
The recently published Baltic Review 2017 shows that the price per square metre of residential space in Estonia continues to be the highest in the Baltic States. Also the prices for residential and commercial land without buildings and for forest land were last year higher in Estonia than in Latvia and Lithuania.
"The results of the analysis indicate that most types of real estate were more expensive in Estonia than in Latvia and Lithuania. If we compare the average gross monthly wage, which is also the highest in Estonia, the higher price level of real estate here is understandable," Johannes Nõupuu, chief specialist at the Department of Real Estate Valuation of the Land Board, said. "Of course, also the regional differences in the price rates of real estate in all three Baltic countries must be taken into account," he added.
The average price per square metre of apartments was the highest in Tallinn at €1,752, followed by Vilnius at €1,615. It is interesting to note that the highest price per square metre in Latvia was not in the capital city of Riga (€913), but in the seaside resort of Jurmala, where the price per square meter reached €1,100.
The number of transactions with land with buildings in 2017 was highest in Lithuania (12 061), followed by Latvia with 9,629 and Estonia with 7,364 transactions.
Baltic Review is an overview of real estate markets in Estonia, Latvia and Lithuania. It is annually compiled by way of cooperation between the State Land Service of Latvia », the Estonian Land Board, and the State Enterprise Centre of Registers » in Lithuania. The report for 2017 was prepared by the State Land Service of Latvia.