Compared to September, the volume of car leases increased by nearly 27 percent, and compared to October of last year, the rise was a staggering 76 percent, according to data from the Bank of Estonia.

"The anticipation of the car tax coming into effect next year has been a major driver behind this growth. However, factors like nominal wage increases have also supported the uptake of leases," said Bank of Estonia economist Gaili Grüning.

The average interest rate on car leases in October was 4.5 percent, down by 0.28 percentage points from the previous month and by 1.17 percentage points compared to the same month last year.

Grüning noted that quieter months are expected in the car leasing market at the beginning of the year. "Spring months are typically more active, and an increase in the number of car leases, which usually dips during winter, could be expected again this spring. However, the level will depend on various factors, including the overall economic situation," she explained.

In the third quarter of this year, 4,488 home loans were issued in Estonia. The average home loan secured with a mortgage amounted to €130,454, which is €11,700 more than during the same period last year. The average term for home loans was 26 and a half years, nearly five months longer than a year ago.

In October, bank deposits in Estonia totaled €31 billion, an increase of €221 million compared to September. Year-on-year, deposit volumes grew by €2.6 billion.

The term deposits of resident households and businesses increased by 29 percent over the past year, reaching a total of €7.7 billion in October.

The average interest rate for term deposits in October was 3.38 percent, down from 3.54 percent in September and 4.06 percent in October of last year.

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