Apartment prices fall outside Tallinn in Q3 2024

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The Estonian Dwelling Price Index experienced a slight decline in the third quarter of 2024, falling by 0.5 per cent compared with the second quarter of this year, according to data published by Statistics Estonia. Despite this quarterly dip, the index recorded a 6.4 per cent increase year-on-year, signaling overall growth in housing prices compared to the same period last year.

Märt Umbleja, a leading analyst at Statistics Estonia, said that this quarterly decline was last observed a year ago in Q3 2023. “Apartment prices dropped by 1 percent in areas bordering Tallinn, as well as in Tartu and Pärnu. A sharper decline of 7.7 per cent was seen in other regions of Estonia. However, in Tallinn, apartment prices continued to rise, showing a 0.9 per cent increase from the previous quarter,” said Umbleja.

Year-on-year, apartment prices increased by 5.8 per cent, while house prices saw a more significant rise of 8.1 per cent. The monetary volume of property transactions also grew compared with both Q2 2024 and Q3 2023, reflecting continued activity in the real estate market.

Additionally, the owner-occupied housing price index, which measures changes in the prices of new residential properties, rose by 1 per cent quarter-on-quarter and by 7.4 percent year-on-year.

The Dwelling Price Index provides insights into square metre price changes for household dwelling purchases, covering apartments and houses, including detached, semi-detached, and terraced properties.

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Estonia housing market Estonian home price changes Estonian real estate trends Housing price index Estonia Q3 2024 dwelling prices Real estate market statistics Tallinn apartment prices