The annual change of the Dwelling Price Index was the biggest of the last four years
According to Statistics Estonia, the Dwelling Price Index increased by 13.7% in 2014 compared to the average of 2013. In the annual comparison, the prices of apartments increased by 15.5% and the prices of houses by 9.1%.
The annual change of the Dwelling Price Index was 8.5% in 2011, 7.3% in 2012 and 10.7% in 2013.
In the 4th quarter of 2014 compared to the 3rd quarter, the Dwelling Price Index decreased by 0.2% and compared to the 4th quarter of 2013 the index increased by 10.1%.
In the 4th quarter of 2014 compared to the previous quarter, the prices of apartments decreased by 1% and the prices of houses increased by 1.8%. From all the areas under observation, the prices of apartments decreased in two areas: by 4.8% in areas bordering Tallinn and in Tartu and Pärnu cities and by 4.5% in the rest of Estonia. The prices of apartments increased only in Tallinn, by 1.1%.
Compared to the 4th quarter of 2013, the prices of apartments have increased by 10.2% and the prices of houses by 9.8%. The prices of apartments increased in all three areas under observation: by 12.6% in Tallinn, by 4.6% in areas bordering Tallinn and in Tartu and Pärnu cities and by 8.6% in the rest of Estonia.
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 11.5% in 2014 compared to the average of 2013.
In the 4th quarter of 2014, the Owner-Occupied Housing Price Index changed by -0.3% compared to the 3rd quarter and by 9.2% compared to the 4th quarter of 2013.
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.