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Dwelling price indexes up on year

Apartment buildings in Tallinn.
Apartment buildings in Tallinn. Source: Siim Lõvi /ERR

Data from Statistics Estonia shows that in the third quarter of 2023, the dwelling price index decreased by 0.3 percent compared with the second quarter and increased by 3.8 percent compared with the third quarter of 2022.

Egne Säinast, leading analyst at Statistics Estonia, said that compared with the third quarter of last year, the prices of apartments rose by 2.9 percent and the prices of houses by 5.3 percent. "The last time the dwelling price index increased by 3.8 percent or less compared with the same quarter a year earlier was in the second quarter of 2016, when growth was 1.8 percent," Säinast added.

The dwelling price index expresses the changes in the square meter prices of transactions made by households for the purchase of dwellings, and it is compiled for apartments and houses (detached, semi-detached, and terraced houses).

In the third quarter, the owner-occupied housing price index fell by 1.8 percent compared with the second quarter and rose by 9 percent compared with the third quarter of 2022.

The owner-occupied housing price index expresses the changes in the prices of the acquisition of dwellings new to the household sector and other goods and services that households purchase in their role as owner-occupiers. The index consists of the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

Dwelling prices index. Source: Statistics Estonia

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Editor: Marcus Turovski

Source: Satistics Estonia

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