Dwelling Price Index Notes Rising Costs
The price of housing in 2013 continued its recovery from pre-recession levels. The Dwelling Price index increased 10.7 percent in 2013 compared to the average of the previous year, according to Statistics Estonia.
Compared to 2012, the prices of apartments increased by 13.3 percent and the prices of houses by 4.1 percent.
The fourth quarter of 2013 saw the largest rise compared to the same time last year. The Dwelling Price index shot up by 15.6 percent; prices of apartments increased by 20.2 percent and the price of houses by 4.9 percent.
During that fourth quarter period, the prices of apartments increased in all three areas studied by the survey. An apartment in Tallinn became 21.4 percent more expensive. Outlying areas of Tallinn, Tartu and Pärnu saw increases of 23 percent. Prices of apartments rose by 7.7 percent in the rest of Estonia.
The Dwelling Price Index expresses the changes in the transaction square meter prices of dwellings purchased by households. The annual change of the Dwelling Price Index was 7.3 percent in 2012 and 8.5 percent in 2011.