According to data from Statistics Estonia, the Dwelling Price Index of residential property in Estonia has continued to rise in the first quarter (Q1) of 2018, both year-on-year (y-o-y) and on the previous quarter.
According to the government agency, the index saw a 1.5% rise on Q4 2017 and a 6.6% rise y-o-y from Q1 2017.
The index has generally risen for both houses and apartments, throughout the whole of Estonia.
The one exception to this is the index for apartments outside of the three major population centres of Tallinn and environs, Tartu city, and Pärnu city, which have seen a very slight fall.
A more detailed breakdown of these changes is as follows:
|Q4 2017-Q1 2018 % Change||Q1 2018 y-o-y % Change|
|Apartments in Tallinn||0.3||6.8|
|Apartments in areas adjacent to Tallinn, plus Tartu and Pärnu cities||4.6||9.8|
|Apartments in rest of Estonia||6.1||-0.5|
Owner-Occupied Housing Price Index also rises
The Owner-Occupied Housing Price Index saw a similar rise in Q1, of by 4.4% compared with Q4 2017 and by 9.8% y-o-y .
The Owner-Occupied Housing Price Index expresses the changes in the prices of the acquisition of dwellings which are 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 components: the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.
The base year is 2010 where the index is calibrated at 100, with the timescale in focus starting from Q1 2005; major repairs and maintenance are included from Q1 2007 and insurance connected with dwellings is included from Q1 2012.
The prices at Q4 2017 used as base prices have been calculated on the basis of the administrative divisions in the country as at 1 January, 2018.
Editor: Andrew Whyte