As a result of the 2022 regular land assessment conducted by the Land Board, the value of Estonian land is 32.5 billion euros, of which 71% is the value of construction land. Compared to the previous regular land assessment in 2001, the value of the land has increased 8.3 times.
At the regular land valuation in 2022, all 761,286 plots of land in Estonia received a new value, i.e. the land taxation price. The assessment was made by analyzing the sales transactions in the real estate transactions database of the Land Board as of 30.06.2022.
As a result of the regular assessment of land in 2022, 71% of the value of Estonian land is construction land, i.e. land intended for construction (primarily residential, commercial, production land), which covers only 4% of Estonia's area. In contrast, forest land, which covers 49% of Estonia's area, provides only 8% of the total value. It should be emphasized here that construction land was assessed without buildings and forest land without the forest growing on it.
The main reason for the increase in land value is the general increase in prices over the past 21 years. While the value of land has changed by an average of 8.3 times, the average gross salary has increased by 4.8 times, housing costs by 4.3 times and the cost of living by 2.2 times.
According to Veronika Ilsjan, leader of the regular land assessment project of the Land Administration, the regular assessment of 2022 gives a fairly good overview of the value of Estonian land, but it should be kept in mind that it is a mass assessment and the result is a statistical generalization. "2001. when comparing the results of the regular land valuation of 2008, it should be noted that the valuation at that time was made with a much higher level of generalization and more estimation, because there was much less information about real estate transactions compared to now. At that time, indirect information was largely relied on and evaluation results were presented for price zones. This time, the valuation used enough real estate transaction data to calculate the value for each piece of land using automatic valuation models," she added.
Veronika Ilsjan explained that the automatic valuation models were created and the land was valued in close cooperation between many people and the computer. Using automated valuation models and relying on factual transactional data will certainly provide more reliable results than regular valuations in the past. "2022. "The changes in the value of land in 2001 do not only reflect changes in the real estate market, but also express the inconsistency of the comparative data of 2001," she noted.
The largest change in land value in 21 years has occurred in Tartu County County in the east of Estonia (pop. 154,000). (14.8 times) and the smallest in Saare County County in SW of Estonia(pop. 35,000). (6.3 times).
In counties, the change in land value also depends on the structure of land use in different counties, whether there is more residential or forest land. According to land use, the value of agricultural land and residential land has increased the most (22.5 and 11.6 times, respectively), and the value of commercial and production land and forest land has increased less (5.4 and 4.6 times, respectively).
Larger land value increases are in areas where fields have been replaced by construction land and development activity has been more active. In the case of residential land and other land intended for construction, the largest land value increases have been in the municipalities in the immediate vicinity of Tartu and Tallinn Tallinn, the largest city and capital of Estonia (population 440 000). , where the increases are typically more than 20, sometimes even more than 30 times. On the other hand, in less attractive locations (e.g. Kohtla-Järve, Loksa, Maardu, Paldiski), the increase in the value of residential land is on average less than 5 times.
The value of each piece of land can be viewed in the updated land cadastre minu.kataster.ee by searching for the cadastral unit of interest by address or cadastral code and opening "Land value info".