The Dwelling Price Index continued to increase in 1Q

According to Statistics Estonia, in the 1st quarter of 2018, the Dwelling Price Index changed by 1.5% compared to the 4th quarter of 2017 and by 6.6% compared to the 1st quarter of previous year.

Compared to the previous quarter, the prices of apartments increased by 1.9% and the prices of houses by 0.4%. Compared to the 4th quarter of 2017, the prices of apartments increased by 0.3% in Tallinn, by 4.6% in areas bordering Tallinn with Tartu and Pärnu cities, and by 6.1% in the rest of Estonia.

Compared to the 1st quarter of 2017, the prices of apartments have increased by 6.7% and the prices of houses by 6.2%. Compared to the 1st quarter of the previous year, the prices of apartments increased by 6.8% in Tallinn and by 9.8% in areas bordering Tallinn with Tartu and Pärnu cities, but decreased by 0.5% in the rest of Estonia.Dwelling price index, 1st quarter 2005 – 1st quarter 2018 (2010=100)

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

In the 1st quarter of 2018, the Owner-Occupied Housing Price Index changed by 4.4% compared to the 4th quarter of 2017 and by 9.8% compared to the 1st quarter of 2017.

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: the 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 year 2010 = 100. The time series starts from the 1st quarter of 2005; major repairs and maintenance are included from the 1st quarter of 2007 and insurance connected with dwellings is included from the 1st quarter of 2012.

The prices of the 4th quarter of 2017 used as base prices have been calculated on the basis of the administrative division as at 01.01.2018.

For the statistical activity “Dwelling price index and owner-occupied housing price index”, the main representative of public interest is the Ministry of Finance commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia

Advertisements

Construction volume increased in 1Q by 21 pct

According to Statistics Estonia, in the 1st quarter of 2018 compared to the same quarter of the previous year, the total production of Estonian construction enterprises in Estonia and foreign countries increased 21%. Taking into account only Estonian construction market, construction volume increased 29%.

In the 1st quarter of 2018, the production value of construction enterprises amounted to 559 million euros, of which the production value of building construction was 442 million euros and the production value of civil engineering was 117 million euros. Compared to the 1st quarter of 2017, the volume of building construction increased 27% and the volume of civil engineering by 4%.

Building construction contributed the most to the growth of the domestic construction market. Compared to the same period of the previous year, construction volume increased in new building construction as well as in repair and reconstruction work. The growth was supported also by civil engineering.

The construction volume of Estonian construction enterprises in foreign countries decreased approximately by one-half compared to the 1st quarter of 2017, mainly on account of smaller volume of building construction. Construction volume in foreign countries accounted for 5% of the total volume of construction in the 1st quarter of 2018; the share in the same period a year ago was 11%.

According to the Register of Construction Works, in the 1st quarter of 2018, the number of dwelling completions was 1,676, which is 414 dwellings more than in the same period a year ago. Approximately a half of the completed dwellings were in blocks of flats situated in Tallinn.

In the 1st quarter of 2018, building permits were granted for the construction of 1,524 dwellings, which is 14% less than in the 1st quarter of 2017. The most popular type of building was a block of flats.

The number of completed non-residential buildings was 246 with a useful floor area of 152,000 square metres – these were primarily new industrial and office premises. Compared to the 1st quarter of 2017, both the useful floor area and volume of completed non-residential buildings decreased.

Construction volume index and its trend, 1st quarter 2003 – 1st quarter 2018

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 April 2018. Statistics Estonia published the quarterly summary in 23 working days. For the statistical activity “Financial statistics of enterprises (quarterly)”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia

Construction volume increased by 23 pct

According to the preliminary data of Statistics Estonia, in 2017, the total production of Estonian construction enterprises in Estonia and in foreign countries amounted to 2.5 billion euros, which was 18% more than in 2016. Taking into account only Estonian construction market, construction volume increased 23%. Construction volume increased for the second consecutive year.

The production value of building construction was 1.6 billion euros and the production of civil engineering works totalled 846 million euros. Compared to 2016, the volume of building construction increased 14% and the volume of civil engineering more than a fourth.

Building construction contributed the most to the growth of the domestic construction market. Compared to 2016, construction volume increased in new building construction as well as in repair and reconstruction work. The growth was supported also by civil engineering, which resumed growth at the beginning of last year.

The construction volume of Estonian construction enterprises in foreign countries decreased 21% compared to 2016. The construction of buildings as well as civil engineering decreased. Construction volumes in foreign countries accounted for 8% of the total volume of construction in 2017 (11% in 2016).

New dwelling construction continued its growth trend for the sixth year. According to the data of the Register of Construction Works, in 2017, the number of dwelling completions was 5,890, which is 1,158 dwellings more than the year before. As in previous years, the largest share of completed dwellings was in blocks of flats situated in Tallinn, in the vicinity of Tallinn and in Tartu county. The majority of completed dwellings had two or four rooms. The floor area of completed dwellings was 92 square metres on average.

There is still demand for new high-quality dwellings in a good location. In 2017, building permits were granted for the construction of 7,877 dwellings, which is about a third more than in 2016. The most popular type of residential building was a block of flats.

In 2017, the number of completed non-residential buildings was 1,251, with a useful floor area of 804,000 square metres – these were primarily new storage and industrial premises and offices. Compared to 2016, the useful floor area as well as the cubic capacity of completed non-residential buildings increased.

In the 4th quarter of 2017, the production value of construction amounted to 680 million euros, which was 16% more than in the 4th quarter of 2016. The volumes of building construction as well as civil engineering increased.

Construction volume index, 2000–2017 (2010 = 100)

The statistics are based on the questionnaire “Economic activity, quarter”, the submission date of which was 21 January 2018. Statistics Estonia published the quarterly summary in 25 working days. For the statistical activity “Financial statistics of enterprises (quarterly)”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia

3 times more dwellings compared to 100y ago

According to Statistics Estonia, on 1 January 2017, there were 706,000 dwellings in Estonia, of which 76% were occupied. Compared to 1922 when there were 252,000 dwellings in Estonia, the number has nearly tripled.

Occupied dwellings numbered 537,000, of which three-quarters were under 80 m2 and a third were in the range 60–80 m2. Of occupied dwellings, those with 2 and 3 rooms had the largest shares, 32% and 30%, respectively.

93% of occupied dwellings had piped water. 88% had a flush toilet, 84% had a bath or shower and 70% had central heating. 68% of occupied dwellings had all four amenities.

69,000 dwellings, i.e. 10% of existing dwellings, have been constructed in Estonia since 2001. A higher than Estonian average share of new dwellings is in Harju, Tartu and Pärnu counties.Dwellings constructed since 2001, 1 January 2017

In 2018, Statistics Estonia publishes housing data for the first time based on the data of Estonian registers. The used methodology has been developed as part of the preparation for the 2020/2021 Register-Based Population and Housing Census.

The population of dwellings is based on the data of three registers: the Address Data System, the Population Register and the Register of Construction Works. Technical data are from the Register of Construction Works, and when necessary, have been supplemented with the data of the 2011 Population and Housing Census.

For the statistical activity “Housing”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia

Construction price index increased last year

According to Statistics Estonia, in 2017, the construction price index increased 1.5% compared to the average of 2016.

Compared to 2016, the cost of labour increased 2.4%, use of machinery by 1.4% and materials by 1.0%.

In the 4th quarter of 2017, compared to the 3rd quarter, the change of the construction price index was 0.5%, and compared to the 4th quarter of 2016, it was 2.1%. Compared to the 3rd quarter of 2017, the index was mainly influenced by an increase in labour costs, which accounted for 96% of the change on previous quarter. Compared to the 4th quarter of 2016, the increase in labour costs accounted for more than three quarters of the rise of the index.

The repair and reconstruction work price index also rose by 1.5% in 2017 compared to the average of 2016, including a 1.7% increase in both labour costs and use of machinery, and 1.3% increase in prices of materials.

The change of the repair and reconstruction work price index in the 4th quarter of 2017 was 0.4% compared to the 3rd quarter, and 1.7% compared to the 4th quarter of 2016.

The calculation of the construction price index covers four groups of buildings: detached houses, blocks of flats, industrial buildings and office buildings. The repair and reconstruction work price index covers office buildings. The construction price index expresses the change in construction expenditures taking into consideration the price changes of three basic inputs: labour force, building materials and building machines.

Change in the construction price index, 4th quarter 2017
3rd quarter 2017 – 4th quarter 2017, % 4th quarter 2016 – 4th quarter 2017, %
TOTAL 0.5 2.1
labour force 1.5 4.5
building machines 0.2 1.9
building materials 0.0 0.7
Index of detached houses 0.6 1.9
Index of blocks of flats 0.9 1.8
Index of industrial buildings 0.3 1.9
Index of office buildings 0.5 2.2
Change in the repair and reconstruction work price index, 4th quarter 2017
3rd quarter 2017 – 4th quarter 2017, % 4th quarter 2016 – 4th quarter 2017, %
TOTAL 0.4 1.7
labour force 1.2 3.2
building machines -1.7 0.9
building materials 0.0 0.8

For the statistical activity “Construction price index”, the main representative of public interest is the Ministry of Economic Affairs and Communications, commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting this statistical activity.

Source: Statistics Estonia

Dwelling Price Index increased in 3Q

According to Statistics Estonia, in the 3rd quarter of 2017, the Dwelling Price Index changed by 3.4% compared to the 2nd quarter of 2017 and by 4.7% compared to the 3rd quarter of 2016.

Compared to the previous quarter, the prices of apartments increased by 3.5% and the prices of houses by 2.9%.

Compared to the 3rd quarter of 2016, the prices of apartments have increased by 4.2% and the prices of houses by 6.2%.The prices of apartments increased by 3.6% in Tallinn, by 4.4% in areas bordering Tallinn with Tartu and Pärnu cities, and by 6.7% in the rest of Estonia.

The Dwelling Price Index expresses the changes in square metre prices of transactions made by households for the purchase of dwellings. Dwelling Price Indices are compiled for apartments and houses (detached, semi-detached and terraced houses).Dwelling Price Index, 1st quarter 2005 – 3rd quarter 2017 (2010 = 100)

In the 3rd quarter of 2017, the Owner-Occupied Housing Price Index changed by 6.4% compared to the 2nd quarter of 2017 and by 2.2% compared to the 3rd quarter of 2016.

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: the 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 1st quarter of 2005; major repairs and maintenance are included from the 1st quarter of 2007 and insurance connected with dwellings is included from the 1st quarter of 2012.

For the statistical activity “Dwelling price index and owner-occupied housing price index”, the main representative of public interest is the Ministry of Finance commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia

The Dwelling Price Index continued to increase in 2Q

According to Statistics Estonia, in the 2nd quarter of 2017, the Dwelling Price Index changed by 0.3% compared to the 1st quarter and by 4.8% compared to the 2nd quarter of 2016.

Compared to the previous quarter, the prices of apartments increased by 0.1% and the prices of houses by 0.8%.

Compared to the 2nd quarter of 2016, the prices of apartments have increased by 5.1% and the prices of houses by 4%. Compared to the 2nd quarter of the previous year, the prices of apartments increased by 5% in Tallinn, by 7.7% in areas bordering Tallinn with Tartu and Pärnu cities, and by 0.4% in the rest of Estonia.

The Dwelling Price Index expresses the changes in square metre prices of transactions made by households for the purchase of dwellings. The Dwelling Price Indices have been compiled for apartments and houses (detached, semi-detached and terraced houses).Dwelling price index, 1st quarter 2005 – 2nd quarter 2017

In the 2nd quarter of 2017, the Owner-Occupied Housing Price Index changed by -1.7% compared to the 1st quarter and by 3% compared to the 2nd quarter of 2016.

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: the 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 1st quarter of 2005; major repairs and maintenance are included from the 1st quarter of 2007 and insurance connected with dwellings is included from the 1st quarter of 2012.

For the statistical activity “Dwelling price index and owner-occupied housing price index”, the main representative of public interest is the Ministry of Finance commissioned by whom Statistics Estonia collects and analyses the data necessary for conducting the statistical activity.

Source: Statistics Estonia