According to real estate agency Uus Maa, at the end of 2022, the average price per square metre of apartments in North Tallinn crossed the €4,000 mark and the district became the most expensive district of the capital for the first time, with a significant lead over the city centre, the previous number one.
Jaanus Laugus, the CEO of Uus Maa, said the rise of North Tallinn is due to both a larger share of new developments and a substantive shift that has made it an urban artery.
“Expensive developments have been completed in North Tallinn, which statistically raise the price – for example, Noblessner, Kalaranna, as well as smaller and high-priced aftermarket apartments,” Laugus said in a statement.
He said that, judging by people’s movement patterns, it can be argued that by its nature, North Tallinn now fulfills the function of the city centre.
Kalamaja is the substantive city centre
“Where in the 90s, the areas of Roosikrantsi, Kentmanni, Lembitu and Pronksi streets were the most prestigious, now this has clearly changed,” Laugus said.
“Kalamaja, and not the city centre according to the administrative division, between Liivalaia Street and Pärnu Road, is the substantive city centre. This is also the main reason why North Tallinn has gone past the city centre,” he added, noting that life and culture in Tallinn are moving vigorously towards the sea.
“The areas from Rotermanni towards the sea, up to Noblessner, are essentially the heart of the city. And where culture goes, business follows.”
“The tourist flow is also moving in the direction of Kalamaja and, for example, many no longer ever get to Vabaduse Square. Commercial buildings continue to be built in the Maakri quarter, but once the working day has ended, it’s all empty there,” the CEO added.
