The rapid rise in property prices continued in the second quarter of 2022
Text Mark Taylor
Photo Kirke Põldsamm / Unsplash
According to Statistics Estonia, in the second quarter of 2022, the Dwelling Price Index increased by 8% compared with the first quarter of 2022 and by 27.4% compared with the second quarter of 2021.
The Dwelling Price Index expresses changes in the square metre price of transactions made by individuals for the purchase of properties, and is compiled for apartments and houses (detached, semi-detached and terraced houses).
“Compared with the second quarter of 2021, the prices of apartments rose by 27.3% and the prices of houses by 27.8%. Compared with the first quarter of this year, the prices of apartments went up by 9% and the prices of houses by 6.1% in the second quarter,” explained Egne Säinast, an analyst at Statistics Estonia.
In addition, in the second quarter, the Owner-Occupied Housing Price Index increased by 8% compared with the first quarter of 2022 and by 21.9% compared with the second quarter of 2021.
The Owner-Occupied Housing Price Index expresses changes in the price of dwellings new to the housing market as well as other goods and services that households purchase in their role as owner-occupiers. The index consists of the purchase of properties, other services related to the purchase of properties, major repairs and maintenance, and insurance connected with properties.
