Dwelling price indices continued to rise last year
According to Statistics Estonia, in 2019, the Dwelling Price Index increased by 7% compared to the average of 2018. The prices of apartments increased by 6.9% and the prices of houses by 7.3%.
The prices of apartments increased in all areas under observation: by 7.4% in Tallinn, by 6.4% in areas bordering Tallinn with Tartu and Pärnu cities, and by 4.9% in the rest of Estonia.
In the 4th quarter of 2019 compared to the 3rd quarter, the Dwelling Price Index increased by 2.9%. The prices of apartments increased by 3.3% and the prices of houses by 1.9%
Compared to the 4th quarter of 2018, the Dwelling Price Index increased by 8.2%. The prices of apartments increased by 9.2% and the prices of houses by 5.8%.
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 2019, the Owner-Occupied Housing Price Index increased by 5.4% compared to the average of 2018.
In the 4th quarter of 2019, the Owner-Occupied Housing Price Index changed by 1.6% compared to the 3rd quarter and by 7.1% compared to the 4th 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 the acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.
Annual indices are calculated as averages of four quarters.
Statistics Estonia performs the statistical activity “Dwelling price index and owner-occupied housing price index” for the Ministry of Finance.