Construction Prices Rise by 1.6% in 2024

Text Ingel Kink
Photo Andrei Chertkov

In 2024, the Construction Price Index increased by 1.6 per cent compared to the average of 2023, according to Statistics Estonia. In the fourth quarter of 2024, the index rose by 0.4 per cent compared to the previous quarter and by 1.3 per cent compared to the same period in 2023.

Ülo Paulus, a leading analyst at Statistics Estonia, explained that wage growth was the primary driver of the rise in construction prices, accounting for 65 per cent of the total increase. “In 2024, the Construction Price Index rose by 1.6 per cent. Labour force was 6.3 per cent more expensive and the cost of using building machines went up by 1.7 per cent, while the cost of building materials decreased by 1.1 per cent,” Paulus noted.

In the fourth quarter, building materials saw a 0.6 per cent price increase, contributing significantly to the rise in the index. The Repair and Reconstruction Work Price Index also rose by 0.8 per cent compared to the third quarter of 2024.

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