Statistics: Dwelling price index continued slow growth in Q2 2023

Apartments in Tallinn.
Apartments in Tallinn. Source: Siim Lõvi /ERR

The dwelling price index rose by 5 percent on year to the second quarter of 2023 (Q2 2023), state agency Statistics Estonia reports.

Between Q1 and Q2 of this year, the index rose by 3.8 percent, Statistics Estonia says.

The dwelling price index expresses the changes in the square-meter prices of transactions made by households in respect of the purchase of dwellings.

It covers both apartments and houses (detached, semi-detached, and terraced houses), Statistics Estonia says.

Egne Säinast, Statistics Estonia lead analyst said: "The last time the dwelling price index increased by 5 percent or less compared with the same quarter a year earlier came in the fourth quarter of 2020, when growth was 4.8 percent."

On year, the breakdown of apartments price rises and house price rises was 5.7 percent and 3.2 percent respectively.

Dwelling Price Index. Source: Statistics Estonia

Meanwhile Statistics Estonia says the owner-occupied housing price index rose by 10.6 percent on year to Q2 2023 and by 1.7 percent between the first and second quarters of this year.

The owner-occupied housing price index expresses changes in the prices of the acquisition of dwellings new to the household sector, plus other goods and services which households purchase in their role as owner-occupiers, Statistics Estonia says.

The index thus comprises the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

Statistics Estonia compiled the above data on behalf of the Ministry of Finance.

More detailed information is here and here.


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Editor: Andrew Whyte

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