Change in Dwelling Price Index most significant in five years
According to Statistics Estonia, in the 1st quarter of 2020, the Dwelling Price Index increased by 11.5% compared to the 1st quarter of 2019. The last time that the change in the index was more significant was in the 3rd quarter of 2014, when it was 13.2%.
According to Egne Säinast, analyst at Statistics Estonia, the prices of apartments increased by 11.3% and the prices of houses by 11.7% compared to the 1st quarter of 2019. “The prices of apartments in Tallinn increased the most – by 12.1%. Prices increased by 8.9% in areas bordering Tallinn with Tartu and Pärnu cities and by 12% in the rest of Estonia,” added Säinast.
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 1st quarter of 2020, the Owner-Occupied Housing Price Index increased by 8.6% compared to the 1st quarter of 2019.
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 situation in Estonia, allowing ministries to make informed decisions.
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More detailed data have been published in the statistical database.