Land prices in Estonia have risen 8x in the last 20 years

Text Mark Taylor
Photo Julius Jansson / Unsplash

The Estonian Land Board have released their evaluation of land prices in Estonia. The more than 700,000 registered plots of land in the country have been valued at 32.5 billion euros. This figure is 8.3 times higher than when the last evaluation was carried out in 2001.

Based on this year’s valuation by the Land Board, construction land (mostly residential, commercial and industrial land) accounts for 71 per cent of the value of all land. This is despite the fact that this land only covers 4 per cent of the territory of Estonia. At the opposite extreme, forest land, which accounts for 49 per cent of the territory of Estonia, only accounts for 8 per cent of its value.

In the 21 years since the last land evaluation in 2001, land values have risen by 8.3 times, yet household incomes have only risen by 4.8 times.  During this period Tartumaa has seen the largest average rise (up 14.8 times), and Saaremaa the lowest (up 6.3 times). 

The designated purpose of the land has also had a strong effect on how much the value of the land has risen. For example, the value of agricultural and residential land have grown the most, up 22.5 and 11.6 times respectively. Yet, commercial and industrial land values have only risen by 5.4 and 4.6 times respectively.

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Forest Land Estonia Land Board Land Value Land Value Estonia Land Value Estonia 2022 Residential Land Estonia Saaremaa Tartumaa