According to data released by Statistics Estonia, in the first quarter of 2022, the Dwelling Price Index increased by 21 per cent compared to the same period last year. It was also up 7.1 per cent on the last quarter of 2021.
The Dwelling Price Index expresses the changes in the square metre price of dwellings purchased, and it is compiled for apartments and houses (detached, semi-detached and terraced houses). Put simply, this index expresses the average price rise (or fall) for homes in Estonia.
“Compared to the first quarter of 2021, the prices of apartments went up by 20.2% and the prices of houses by 22.8%. Compared to the fourth quarter of last year, the prices of apartments rose by 8% and the prices of houses by 5.4% in the first quarter,” explained Egne Säinast, an analyst at Statistics Estonia.
The Owner-Occupied Housing Price Index, which expresses the change in the purchase price of dwellings new to the housing market, saw a slower rise than the market as a whole.
In the first quarter, the Owner-Occupied Housing Price Index increased by 3.7% compared to the fourth quarter of 2021, and by 13.9% compared to the first quarter of 2021.
