The Dwelling Price Index increased in 2Q

According to Statistics Estonia, in the 2nd quarter of 2014, the Dwelling Price Index changed by 1.1% compared to the 1st quarter and by 14.5% compared to the 2nd quarter of 2013.

Compared to the previous quarter, the prices of apartments increased by 0.5% and the prices of houses by 2.5%.

Compared to the 2nd quarter of 2013, the prices of apartments have increased by 16.8% and the prices of houses by 8.8%. The prices of apartments increased in all three areas under observation: by 18.0% in Tallinn, by 17.8% in areas bordering Tallinn with Tartu and Pärnu cities and by 7.3% in the rest of Estonia.

Compared to the 1st quarter, the price index of apartments increased by 0.3% in Tallinn,

by 2.8% in areas bordering Tallinn with Tartu and Pärnu cities and decreased by 2.9% in the rest of Estonia.

The Dwelling Price Index expresses the changes in the square metre prices of dwellings purchased by households. The Dwelling Price Indices have been compiled for apartments and houses (including detached, semi-detached and terraced houses).

In the 2nd quarter of 2014, the Owner-Occupied Housing Price Index changed by -4% compared to the 1st quarter and by 10.4% compared to the 2nd quarter of 2013.

The Owner-Occupied Housing Price Index expresses the changes in the prices of the acquisition of dwellings new to the household sector and other goods and services that households purchase in their role as owner-occupiers. The index consists of four parts: acquisition of dwellings, other services related to the acquisition of dwellings, major repairs and maintenance, and insurance connected with dwellings.

The Owner-Occupied Housing Price Index is published on the base 2010 = 100. The time series starts from the first quarter of 2005; major repairs and maintenance are included from the first quarter of 2007 and insurance connected with dwellings is included from the first quarter of 2012. The annual index is calculated as the average of four quarters.

This is the first publication of the Owner-Occupied Housing Price Index by Statistics Estonia. The index will be published quarterly in accordance with the release calendar of Statistics Estonia.

Source: Statistics Estonia

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