According to data provided by Statistics Estonia, in the first quarter (Q1) of 2023, the Dwelling Price Index was up by 9.2 percent on year. The index remained unchanged from the fourth quarter (Q4 ) of 2022.
Egne Säinast, leading analyst at Statistics Estonia, said that, compared with Q1 of 2022, the apartment prices in Estonia have risen by 6.8 percent, while house prices of houses are up 14.7 percent.
"Compared to the fourth quarter of 2022, the price of houses increased by 6.2 percent, whereas the prices of apartments fell by 2.6 percent. The biggest contributor to the fall in prices decline was the drop in the cost per square meter of apartments in Tallinn," Säinast said.
The Dwelling Price Index expresses the changes in the square meter prices of transactions made by households for the purchase of apartments, detached, semi-detached and terraced houses.
Meanwhile, the Owner-Occupied Housing Price Index was 17.4 percent higher in Q1 2023, than in the first quarter of 2022 and up 4.8 percent from the fourth quarter of 2022.
The Owner-Occupied Housing Price Index expresses changes in the prices of dwellings, which are new to the household sector, along with other goods and services (such as repairs, maintenance and insurance) that households purchase in their role as owner-occupiers.
Editor: Michael Cole