The real estate market last year after the first pandemic shock showed positive trends in many European countries. A significant increase in the number of real estate transactions compared to the situation in 2020 was also registered in the Baltic States last year.
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In Latvia, activity in the real estate market increased by 7% last year, but it lags behind the record highs in Estonia and Lithuania – by 21% and 24%, respectively, according to information compiled by the Estonian company RIA.com Marketplaces.
In Latvia, according to the State Land Service, more than 59 thousand transactions were made in 2021. This is 7% more than in 2020, when 55,000 transactions were registered. The largest share of the total purchase and sale was made up of apartments (more than 22 thousand), the total sale price of which is more than one billion euros.
In Estonia, according to data compiled by the Estonian Land Department, in 2021, 71,718 real estate transactions were registered in the real estate market, of which 60,725 were purchase and sale transactions. Compared to 2020, the number of purchase and sale transactions increased by 21%.
At the same time, a record volume of transactions was set in Estonia last year, reaching a total of almost 6 billion euros. This is the highest figure in the last 15 years – an even larger increase in the total amount of real estate transactions in Estonia was last registered only in 2006. In Estonia, real estate prices rose by more than 20% last year, while demand remained high, and about half of all real estate transactions last year were with apartments.
In Lithuania, in 2021, more than 160,000 transactions worth 3.2 billion euros were registered. This is a huge increase of 24% compared to 2020 (129,000 transactions). It should be noted that the activation of the real estate market in Lithuania cannot be explained only by the situation caused by the pandemic – for example, in 2019, 130,000 real estate transactions were realized in Lithuania, which is still much less than last year.
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