Apartment prices differ 51 times in Estonia's most expensive and cheapest cities
The gap in apartment prices per square meter between Tallinn and lower-income areas has grown to as much as 51-fold. Estonia's cheapest apartments are located in Ida-Viru County, Delfi reports.
According to transaction statistics from the Land and Spatial Development Board, the median price of apartments per square meter is €2,827 in Tallinn and €55 in Püssi, a difference of more than 51-fold. Prices in the capital are 33 times higher than in Kiviõli, nearly 18 times higher than in Kohtla-Järve and more than 12 times higher than in Sillamäe. The gap is about tenfold compared with Valga, Kunda and Tamsalu and sevenfold compared with Narva.
"The price gap reflects the demographic divide between Tallinn and other parts of Estonia that has widened over the past 20 years, as well as major economic disparities. These towns have seen sharp population declines, wages are low and there is a large stock of older apartments, some of which are vacant," said Urmas Uibomäe, CEO of real estate portal Kinnisvara24.
While the median price per square meter for apartments in Tallinn has more than doubled over the past 20 years, in Narva it remains 28 percent below its 2006 level, while in Sillamäe it is about one-third lower. In the other lower-priced cities examined, apartment prices per square meter have increased. Prices have risen by one-fifth in Kohtla-Järve and 14 percent in Kunda, while in Tamsalu they have more than tripled.
A comparison of counties shows the same trend. The median price per square meter for apartments in Harju County is 11 times higher than in Ida-Viru County and 8.7 times higher than in Valga County.
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Editor: Marcus Turovski
Source: Delfi
