Prices for dwellings in Estonia increased by 17.5%

Prices for dwellings in Estonia increased by 17.5%

According to Statistics Estonia, in Q1 2014 housing in the country went up in value by 4.8% compared with previous quarter and by 17.5% year on year, writes ee24.com. The biggest increase in prices was for apartments, especially in Tallinn and other big cities.

Apartments in Estonia have become by 20.5% more expensive, including by 21.5% in the capital, by 21.1% in the suburbs of Tallinn, Tartu and Parnu and by 13.2% in other regions. Private houses have grown up in prices by 9.9%.

The housing price index in Estonia is calculated since 2005, when the real estate market was booming. Since the beginning of 2007 to the end of 2009 prices were decreasing, and since early 2010 they started to grow again. In 2010, the index amounted to 100 points, and now it has crossed the mark of 140 points.

Recall that according to the Global House Price Index from Knight Frank, in Q1 2014 housing in Estonia increased in prices by 16.2%, which allowed Estonian residential property market to become the world leader.