Home prices in Estonia have more than doubled in the last ten years

Both house prices and rental costs have more than doubled in Estonia over the last ten years, according to Eurostat, the European Union’s statistics agency.

House prices in Estonia have grown by 133% between 2010 and the second quarter of 2021, making the increase the highest in the entire European Union, according to Eurostat.

Rental costs have increased by 142% in Estonia between 2010 and the second quarter of 2021, again making the rise in prices the highest in the EU.

House prices have more than doubled, in addition to Estonia, also in Luxembourg (+111%) and Hungary (+109%).

However, with rental prices, only in Estonia and Lithuania (+109%) have they more than doubled; elsewhere, the growth has been more moderate.

When looking at decreases in house prices, then only in Greece (-28%), Italy (-13%), Cyprus (-8%) and Spain (-3%) have the prices gone down.

With rents, decreases were recorded in Greece (-25%) and Cyprus (-3%).

In all of the European Union, over the period 2010 until the second quarter of 2021, rents increased by 16% and house prices by 34%. Between the second quarter of 2020 and the second quarter of 2021, rents increased by 1.3% and house prices grew by 7.3% in the EU on average.

Cover: Noblessner quarter in Tallinn. The image is illustrative. Photo by Kaupo Kalda.

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