Real estate in the Baltics - statistics & facts
The real estate market in the Baltic region is driven by economic growth and increasing urbanization. The capitals — Tallinn, Riga, and Vilnius — are experiencing growth in both residential and commercial sectors, with rising property values and new developments. From the first quarter of 2022 to the first quarter of 2024, investment into the Baltic real estate market expanded by 115 million euros, highlighting the strong interest from local and international visitors. Additionally, the total value of real estate transactions was estimated to increase to 5.76 billion U.S. dollars in 2024.
The Baltic region sees rising property values, expanding office space, and a dynamic residential market. New industrial projects are bringing in international businesses, which is helping the market grow. As the area develops, it offers opportunities for investors and companies, making it an important player in Europe.
The residential market in the capitals continues to expand
In Vilnius, the number of new apartments completed in 2023 reached 4,915 units, with prices for new apartments ranging from 1,900 to 7,000 euros per square meter, depending on the location. Tallinn saw the completion of 2,100 new apartments. All three Baltic countries recorded an increase in the house price index in the last quarter of 2023, having ranged from one percent year-over-year in Latvia to over eight percent in Lithuania.Industrial market in Tallinn
In 2023, 90,000 square meters of new warehouse space was completed in Tallinn, providing a total space of 1.46 million square meters. The vacancy rate of warehouse premises in the Tallinn region stood at four percent by the end of the year. One of the projects under construction is Park Rae, the largest logistics and light industry park in Estonia developed by East Capital Real Estate, with a size of 140,000 square meters and its completion for the first stage expected in early 2025.The Baltic region sees rising property values, expanding office space, and a dynamic residential market. New industrial projects are bringing in international businesses, which is helping the market grow. As the area develops, it offers opportunities for investors and companies, making it an important player in Europe.
