Prices of flats and houses continue to increase in third quarter

Housing construction in Tallinn.
Housing construction in Tallinn. Source: Siim Lõvi /ERR

Statistics Estonia reported on Friday that the price of dwellings is still on the rise. Flats were 4.7% and houses 2.8% more expensive in the third quarter than a year ago.

Despite the rising prices, the change of the dwelling price index on the whole was the smallest in years, Statistics Estonia said. The index increased by 0.2% compared to the previous quarter and by 4.2% compared to the same period last year.

Compared to the third quarter of 2017, the prices of flats increased by 4.7% and those of houses by 2.8%. Prices of flats increased by 5.1% in Tallinn and by 9% in areas bordering Tallinn as well as in Tartu and Pärnu, but decreased by 6.3% in the remainder of the country.

Compared to the second quarter this year, the prices of houses increased by 1.6%, while the prices of flats dropped by 0.3%. The prices of flats decreased by 0.8% in Tallinn and by 1.9% in the rest of Estonia, but increased by 1.8% in areas bordering Tallinn including Tartu and Pärnu.

The dwelling price index expresses changes in square metre prices of flats and houses bought by households.

Owner-occupied housing price index up 2.7% on year

The owner-occupied housing price index decreased by 1.9% compared to the second quarter, but increased by 2.7% year on year. It expresses the changes in the price of acquisition of houses and flats new to the household sector as well as other goods and services households purchase in their role as owner-occupiers.

The index consists of four parts: the acquisition of flats and houses, other services related to this, major repairs and maintenance, and insurance connected with flats and houses.

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Editor: Dario Cavegn

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