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2017 housing price index up 5.5 percent on year

New apartment buildings in Tallinn.
New apartment buildings in Tallinn. Source: Siim Lõvi/ERR

According to information released by Statistics Estonia on Friday, the house price index (HPI) in Estonia increased by 5.5 percent on year in 2017, with apartment prices increasing by 5.4 and house prices by 5.8 percent.

Average apartment prices increased in two areas under observation: by six percent in the capital city of Tallinn, and by 6.4 percent in areas bordering Tallinn together with the cities of Tartu and Pärnu. Prices in the rest of Estonia, meanwhile, remained steady.

The HPI in the fourth quarter of 2017 increased by 1.3 percent compared to the previous quarter and 4.9 percent on year.

Compared to the third quarter, apartment prices increased by one and house prices by two percent. On year, however, apartment prices jumped 5.5 percent and house prices 3.5 percent.

The HPI expresses the changes in square metre prices of transactions made by households for the purchase of dwellings.

HPIs are compiled for apartments and houses, the latter of which include detached, semi-detached and town houses.

Owner-occupied house price index up 3.8 percent

The owner-occupied house price index (OOHPI) increased by 3.8 percent on year in 2017.

In the fourth quarter of last year, the OOHPI increased by 0.6 percent compared to the previous quarter and by 2.9 percent on year.

The OOHPI 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 four parts: the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

To ensure comparability, the indices for 2017 have been calculated on the basis of the administrative division as of Jan. 1, 2017.

Editor: Aili Vahtla

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