Land is appreciating, apartments are flat: the segments have split

The gap between segments is wider in 2026 than the headline number suggests: over the year the undeveloped-land price index rose 9.2%, the apartment index stayed level and the all-property index fell 1.1%. On volumes the picture is reversed — there were 2,319 undeveloped-land transactions in Q2, 1% fewer than a year earlier, yet their combined value grew by €42 million or 24%; apartment transactions fell 5.8% and their combined value dropped 8.5%. Harju county accounts for close to half of all Estonian transactions (46% in July), which means the national average is largely a Tallinn-region average. For an institutional user the conclusion is practical: portfolio revaluation cannot apply a single index to every collateral type, because the segments are now moving in different directions. That is exactly why Aurentis is limited to Tallinn apartments and publishes its error by segment — we expand only when a new segment clears the same verification bar.