We know Estonia
2.2.2025 | Estonia

Construction Prices Rise by 1.6% in 2024

Text Ingel Kink
Photo Andrei Chertkov

Construction Prices Rise by 1.6% in 2024

 

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.

 

To learn more about this and similar topics
2024 construction costs Building Materials construction industry trends Construction Price Index labour costs reconstruction costs Statistics Estonia

7.2.2025 | Estonia

Retail trade fell by 3 per cent in 2024

Retail trade fell by 3 per cent in 2024

Retail trade enterprises in Estonia saw a decline last year, with total turnover reaching 10.4 billion euros—down 3 per … Read more

6.2.2025 | Estonia

International School of Tallinn opens in Ülemiste

International School of Tallinn opens in Ülemiste

The newly completed Education Quarter in Ülemiste City has welcomed its first major tenant—the International School of Tallinn. The … Read more

28.1.2025 | Estonia

Business festival sTARTUp Day kicks off tomorrow 

Business festival sTARTUp Day kicks off tomorrow 

From January 29 to 31, Tartu will host sTARTUp Day 2025, a business festival that brings together startup founders, … Read more

28.1.2025 | Estonia

Tallink Star returns to serve a new route

Tallink Star returns to serve a new route

Tallink Star will return to Estonia and begin operations on the Paldiski-Kapellskär route from February 9. Having been chartered … Read more

26.1.2025 | Estonia

Estonia’s Population Declines in 2024

Estonia’s Population Declines in 2024

According to preliminary data from Statistics Estonia, Estonia’s population on January 1, 2025, stood at 1,369,285, marking a decrease … Read more

23.1.2025 | Estonia

Compound names gain popularity in Estonia

Compound names gain popularity in Estonia

The popularity of compound names has risen significantly in Estonia since the country regained independence. In recent decades, nearly … Read more

22.1.2025 | Estonia

Estonia opens homes for displaced foster families in Ukraine

Estonia opens homes for displaced foster families in Ukraine

Estonia has opened two family-style small group homes in Zhytomyr, Ukraine, to support foster families displaced by the war. … Read more

21.1.2025 | Estonia

camera icon5
Estonian food represented in Berlin

Estonian food represented in Berlin

For the 30th time, the Estonian Chamber of Agriculture and Commerce will take part in the world’s largest food … Read more