Estonian house and rent prices more than doubled since 2010

Houses in the Kalamaja district of Tallinn
Houses in the Kalamaja district of Tallinn Source: Ken Mürk/ERR

Housing and rental prices have more than doubled since 2010 and Estonia saw the highest increase among all European Union member states, data from Eurostat shows.

Comparing data from the fourth quarters of 2010 and 2020, rents increased by 14.9 percent and house prices by 28.6 percent on average in the EU, data from Eurostat shows.

When comparing the fourth quarter of 2020 with 2010, house prices increased more than rents in 18 EU member states.

House prices increased in 23 member states and decreased in four, with the highest rises in Estonia (112.8 percent), Luxembourg (99.8 percent), Hungary (90.6 percent), Latvia (85.6 percent), and Austria (81.4 percent).

Decreases were observed in Greece (28.1 percent), Italy (15.2 percent), Spain (5.2 percent) and Cyprus (3.4 percent).

When comparing the fourth quarter of 2020 with 2010 for rental prices, the data showed an increase in 25 member states and a decrease in two.

The highest rises were in Estonia (143.5 percent), Lithuania (109.2 percent) and Ireland (61.8 percent). Decreases were recorded in Greece (25.2 percent) and Cyprus (4.1 percent).

House prices and rent changes (2010-2020). Source: Eurostat.

Eurostat said between 2010 and the second quarter of 2011, house prices and rents in the EU followed similar paths. But since the second quarter of 2011, they have followed very different paths: while rents increased steadily throughout the period up to the fourth quarter of 2020, house prices have fluctuated significantly.

After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014. Then, there was a rapid rise in early 2015, since when house prices have increased at a much faster pace than rents.

More data can be viewed on the Eurostat website.

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Editor: Helen Wright

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