The Dwelling Price Index continued to increase in the beginning of the year
According to Statistics Estonia, in the 1st quarter of 2019, the Dwelling Price Index changed by 5.9% compared to the 1st quarter of the previous year. In yearly comparison, the Dwelling Price Index has shown an upward trend for the past nine years. Compared to the 4th quarter of 2018, the Dwelling Price Index changed by 1.7%.
Compared to the 1st quarter of 2018, the prices of apartments have increased by 4.9% and the prices of houses by 8.4%. Compared to the 1st quarter of the previous year, the prices of apartments increased by 4.1% in Tallinn, by 4% in areas bordering Tallinn with Tartu and Pärnu cities and by 12% in the rest of Estonia.
Compared to the 4th quarter of 2018, the prices of apartments increased by 1.1% and the prices of houses by 3.1%. Compared to the previous quarter, the prices of apartments decreased by 0.3% in Tallinn, but increased by 3.8% in areas bordering Tallinn with Tartu and Pärnu cities and by 3% in the rest of Estonia.
The Dwelling Price Index expresses the changes in square metre prices of transactions made by households for the purchase of dwellings. The Dwelling Price Indices have been compiled for apartments and houses (detached, semi-detached and terraced houses).
In the 1st quarter of 2019, the Owner-Occupied Housing Price Index changed by 3.5% compared to the 4th quarter of 2018 and by 3.3% compared to the 1st quarter of 2018.
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 time series starts from the 1st quarter of 2005; major repairs and maintenance were included from the 1st quarter of 2007 and insurance connected with dwellings from the 1st quarter of 2012.
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.