Statistics: Dwelling price index experiences smallest increase since 2018

According to data provided by Statistics Estonia, in 2023, the dwelling price index increased by 5.9 percent from the 2022 average. The last time that the annual growth of the dwelling price index, which is calculated as the average over the year's four quarters, was this low, was in 2018.
Egne Säinast, leading analyst at Statistics Estonia, said that, in 2023, house prices rose by 6.5 percent and apartment prices were up 5.5 percent. "The prices of apartments increased by 4.8 percent in Tallinn, by 9.4 percent in areas bordering Tallinn as well as in Tartu and Pärnu, and by 0.2 percent in the rest of Estonia," said Säinast.
In the fourth quarter of last year (Q4 2023), the dwelling price index was up 5.8 percent when compared with the same quarter in 2022. House prices rose by 3.2 percent and the prices of apartments increased 6.9 percent.
When compared to the third quarter of 2023, the dwelling price index increased by 2.1 percent.

The dwelling price index expresses the changes in the price per square meter of transactions made by households for the purchase of dwellings. The index includes both apartments and houses (detached, semi-detached, and terraced houses).
The owner-occupied housing price index increased by 11.3 percent in 2023 from the average of 2022. In Q4 2023, the owner-occupied housing price index grew by 3.9 percent from Q3 2023 and was 8.8 higher than in the fourth quarter of 2022.
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.
More information is available here and here.
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Editor: Michael Cole