In 2022, the annual growth of the Dwelling Price Index was the highest of the last 15 years

News
Posted on 24 March 2023, 8:00

According to Statistics Estonia, in 2022, the Dwelling Price Index increased by 22.2% compared with the average of 2021, but the rise in prices basically stopped in the fourth quarter.

Egne Säinast, leading analyst at Statistics Estonia, said that the last time that the growth of the annual index, which is calculated as the average of four quarters, was bigger than this was in 2006, when the year-on-year growth was over 40%. “Last year, the prices of apartments went up by 22.8% and the prices of houses by 21.4%,” added Säinast.

Change in Dwelling Price Index on previous year, 2006–2022

In the fourth quarter of 2022, the Dwelling Price Index increased by 16.9% compared with the same quarter of 2021. The prices of houses rose by 13.8% and the prices of apartments by 18.5%. Compared with the third quarter of 2022, the Dwelling Price Index increased by 0.2%.

The Dwelling Price Index expresses the changes in the square metre prices of transactions made by households for the purchase of dwellings and it is compiled for apartments and houses (detached, semi-detached and terraced houses).

In 2022, the Owner-Occupied Housing Price Index increased by 17.6% compared with the average of 2021. In the fourth quarter of 2022, the index increased by 4.1% compared with the third quarter of 2022 and by 16.3% compared with the fourth quarter of 2021.

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 the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

The main representative of public interest for the Dwelling Price Index and Owner-Occupied Housing Price Index is the Ministry of Finance, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity. The data help to get an overview of the current state of the Estonian economy.

See also the prices section on our website.

More detailed data have been published in the statistical database.

For further information:

Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9181
press [at] stat.ee

Photo: Shutterstock

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