Growth of dwelling price index slowed down in the first quarter
According to Statistics Estonia, in the first quarter of 2023, the dwelling price index increased by 9.2% compared with the first quarter of 2022 and remained unchanged compared with the fourth quarter of 2022.
Egne Säinast, leading analyst at Statistics Estonia, said that, compared with the first quarter of last year, the prices of apartments rose by 6.8% and the prices of houses by 14.7%. “Compared with the fourth quarter of 2022, the prices of houses went up by 6.2%, whereas the prices of apartments fell by 2.6%. The biggest contributor to the price decline was the fall in the prices per square metre of apartments in Tallinn,” Säinast added.
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 the first quarter, the owner-occupied housing price index increased by 17.4% compared with the first quarter of 2022 and by 4.8% 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.
For further information:
Helen Maria Raadik
Media Relations Manager
Marketing and Dissemination Department
Tel +372 625 9191
press [at] stat.ee