Estonia's housing prices dip 0.5% on quarter, but show strong annual growth
Estonia's housing market saw a 0.5 percent quarterly price drop but a 6.4 percent annual rise in the third quarter of 2024 (Q3 2024), highlighting a cooling trend alongside steady long-term growth, state agency Statistics Estonia reported.
According to Statistics Estonia, the dwelling price index fell by 0.5 percent in the third quarter of 2024 compared with the second quarter.
However, in comparison with Q3 2023, the index rose by 6.4 percent.
Again compared with Q3 2023, apartment prices rose by 5.8 percent, while house prices rose by 8.1 percent.
Märt Umbleja, leading analyst at Statistics Estonia, noted that the last time the dwelling price index fell compared with the previous quarter was, again, in Q3 2023.
He said: "Compared with the second quarter of 2024, the prices of apartments decreased by 1 percent in areas bordering Tallinn and in Tartu and Pärnu cities, and by 7.7 percent in the rest of Estonia.
"In Tallinn, apartment prices continued to rise, increasing by 0.9 percent from the previous quarter," Umbleja added.
The figures suggest that, despite quarterly fluctuations, overall housing prices have continued to trend upward over the past year.
Real estate transaction activity also increased, with the monetary volume of transactions in Q3 2024 exceeding levels in both the Q2 2024 and the Q3 2023.
The quarterly decline in the dwelling price index reflects regional disparities, with prices rising in Tallinn but falling by 7.7 percent in other parts of Estonia.
The owner-occupied housing price index increased by 1 percent quarter-on-quarter and by 7.4 percent year-on-year, reflecting.
The trends highlight the varying conditions across Estonia's regions and housing market segments, with demand remaining robust despite regional price differences.
More detailed information is available from Statistics Estonia's website here. X
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Editor: Andrew Whyte
