Prices of Estonian apartments, houses spiral upwards
The cost of housing rapidly rocketed upwards in Estonia in the summer, as the Dwelling Price Index jumped by 4.1 percent from the second to the third quarter, and by 13.2 percent compared to the third quarter of 2013.
The prices of apartments, according to today's report by Statistics Estonia, have increased by 15.3 percent in the last year, and the price of houses has grown by 7.9 percent.
Prices have grown by 15.6 percent in Tallinn, and by 12.8 percent in Tartu, Pärnu, and in areas bordering Tallinn in the last 12 months, the report said, and 19.6 percent in the rest of Estonia.
In the second to the third quarter of this year, the price index of Tallinn apartments increased by 4.7 percent, and Tartu, Pärnu and areas around Tallinn, increased by 1.3 percent. Other areas of Estonia saw a 2.7 percent rise.
The Dwelling Price Index expresses the changes in the square-meter prices of dwellings purchased by households. The indices are compiled for apartments and houses (including detached, semi-detached and terraced houses).
In the second quarter, Statistics Estonia has reported, the Dwelling Price Index increased by 1.1 percent compared to the first quarter of 2014.