The annual growth of the dwelling price index was the smallest of the last few years
According to Statistics Estonia, in 2023, the dwelling price index increased by 5.9% compared with the average of 2022. The last time that the annual growth of the dwelling price index, which is calculated as the average of four quarters, was this low was in 2018.
Egne Säinast, leading analyst at Statistics Estonia, said that, in 2023, the prices of houses rose by 6.5% and the prices of apartments by 5.5%. “The prices of apartments increased by 4.8% in Tallinn, by 9.4% in areas bordering Tallinn and in Tartu and Pärnu cities, and by 0.2% in the rest of Estonia,” added Säinast.
In the fourth quarter of last year, the dwelling price index increased by 5.8% compared with the same quarter of 2022. The prices of houses rose by 3.2% and the prices of apartments by 6.9%.
Compared with the third quarter of 2023, the dwelling price index increased by 2.1%.
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).
The owner-occupied housing price index increased by 11.3% in 2023 compared with the average of 2022. In the fourth quarter of last year, the owner-occupied housing price index grew by 3.9% compared with the third quarter of 2023 and by 8.8% compared with the fourth quarter of 2022.
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.
When using Statistics Estonia’s data and graphs, please indicate the source.
For further information:
Kai Kaljumäe
Communications Partner
Marketing and Dissemination Department
Statistics Estonia
Tel +372 625 9184
press [at] stat.ee