Real estate prices show slower growth in 2016

Apartments for sale
Apartments for sale Source: Photo: Postimees/Scanpix

According to Statistics Estonia, the Dwelling Price Index increased by 4.7 percent in 2016 compared to the average of 2015. The prices of apartments increased by 4.5 percent, and those of houses by 5.4 percent.

The annual change of the Dwelling Price Index was 8.5 percent in 2011, 7.3 percent in 2012, 10.7 percent in 2013, 13.7 percent in 2014, and 6.9 percent in 2015.

The prices of apartments increased in all three areas under observation, namely by 3.4 percent in Tallinn, by 5.4 percent in areas surrounding Tallinn, Tartu, and Pärnu, and by 8.6 percent in the rest of Estonia.

In the fourth quarter of 2016 the Dwelling Price Index increased by 1.2 percent compared to the third quarter, and by 7.7 percent compared to the same quarter the previous year.

The Dwelling Price Index expresses changes in the transaction price per square meter of purchased by households.

The Owner-Occupied Housing Price Index increased by 3.5 percent in 2016 compared to the average the previous year.

In the fourth quarter the Owner-Occupied Housing Price Index changed by -0.1 percent compared to the third, and by 8.5 percent compared to the same quarter of 2015.

The Owner-Occupied Housing Price Index expresses changes in the prices of the acquisition of dwellings new to the household sector as well as other goods and services that households purchase in their role as owner-occupiers. The index consists of four parts: the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected to dwellings.

Editor: Dario Cavegn

Source: Statistics Estonia

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