The annual growth of the Dwelling Price Index slowed down
According to Statistics Estonia, the Dwelling Price Index increased by 4.7% in 2016 compared to the average of 2015. In the annual comparison, the prices of apartments increased by 4.5% and the prices of houses by 5.4%.
The annual change of the Dwelling Price Index was 8.5% in 2011, 7.3% in 2012, 10.7% in 2013, 13.7% in 2014 and 6.9% in 2015.The prices of apartments increased in 2016 compared to average of 2015 in all three areas under observation: by 3.4% in Tallinn, by 5.4% in areas bordering Tallinn with Tartu and Pärnu cities and by 8.6% in the rest of Estonia.
In the 4th quarter of 2016 compared to the 3rd quarter, the Dwelling Price Index increased by 1.2% and compared to the 4th quarter of 2015 by 7.7%.
The Dwelling Price Index expresses the changes in the transaction square metre prices of dwellings purchased by households. The Dwelling Price Indices have been compiled for apartments and houses (including detached, semi-detached and terraced houses).
The Owner-Occupied Housing Price Index increased by 3.5% in 2016 compared to the average of 2015.
In the 4th quarter of 2016, the Owner-Occupied Housing Price Index changed by -0.1% compared to the 3rd quarter and by 8.5% compared to the 4th quarter of 2015.
The Owner-Occupied Housing Price Index 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.
The Owner-Occupied Housing Price Index is published on the base 2010 = 100. The time series starts from the 1st quarter of 2005; major repairs and maintenance are included from the 1st quarter of 2007 and insurance connected with dwellings is included from the 1st quarter of 2012. The annual index is calculated as the average of four quarters.For the statistical activity “Dwelling price index and owner-occupied housing price index”, the main representative of public interest is the Ministry of Finance commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.
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