🇪🇪 Estonia: Dwelling Price Index edged down in Q3
Statistics Estonia reports that the dwelling price index fell by 0.8% in the third quarter of 2025 compared with Q2.
At the same time, prices were still 5.2% higher year-on-year (Q3 2025 vs Q3 2024).
Core figures
Apartments: +5.5% year-on-year
Houses: +4.7% year-on-year
Quarter-on-quarter:
Apartments: +0.3%
Houses: −2.9%
According to Märt Umbleja, this was the first quarterly decline since Q4 2024. Apartment prices in Tallinn rose by 1.7%, while prices fell elsewhere in Estonia.
Market structure
More transactions in existing dwellings
Fewer purchases of new developments
The monetary volume of transactions:
higher than in Q3 2024;
roughly unchanged compared with Q2 2025.
In practical terms, households showed a preference for already-occupied apartments and houses, rather than new builds.
Additional indicator
Owner-occupied housing price index:
+0.6% quarter-on-quarter;
+3.1% year-on-year.
This index covers not only dwelling acquisition but also related services, major repairs, maintenance, and housing insurance.
Context (Baltic Focus)
This release reflects a short-term price adjustment within a still positive annual trend.
It provides a numerical snapshot of housing market conditions, used by the Ministry of Finance for macroeconomic monitoring.
No signals of disruption — just parameters for understanding how the market is moving. BSM © 2025
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