New dwellings more expensive

Published:

The prices for new flats, small houses and detached houses have increased during the last year.

The numbers for new detached dwellings, 3rd and 4th quarter 2016 are revised.

Prices for new flats and small houses increased by 15.3 per cent from the 1st quarter of 2016 to the same quarter in 2017. In the last quarter, prices increased by 1.2 per cent. Prices are measured at the time of sale.

The prices for new detached houses increased by 1.8 per cent from the 1st quarter of 2016 to the 1st quarter of 2017, but remain roughly unchanged in the last quarter. Prices are measured at the completion date registered in the Cadaster.

In total, new dwellings were 10.7 per cent more expensive in the 1st quarter of 2017 compared to the 1st quarter of 2016. In the last quarter, prices for new dwellings remained relatively stable, with a weak increase of 1.2 per cent.

In comparison, the prices of existing dwellings have increased by 16.2 per cent for flats, 10.0 per cent for small houses and 7.5 per cent for detached houses respectively since the 1st quarter of 2016.

Figure 1. Price index for new dwellings. 2015=100

Detached houses Multi-dwellings
Q1-2011 81.2 79.9
Q2-2011 84.9 79.6
Q3-2011 86.4 79.3
Q4-2011 86.1 84.9
Q1-2012 86.9 84.6
Q2-2012 89.3 88.5
Q3-2012 90.7 85.9
Q4-2012 89.4 90.5
Q1-2013 90.5 93.2
Q2-2013 90.1 93
Q3-2013 91.8 93.6
Q4-2013 95.4 90.5
Q1-2014 94.4 90
Q2-2014 96.0 94.6
Q3-2014 97.9 94.5
Q4-2014 96.5 95.7
Q1-2015 97.5 98.6
Q2-2015 101.3 98.9
Q3-2015 99.9 101.1
Q4-2015 101.3 101.4
Q1-2016 101.6 102.3
Q2-2016 103.9 108.3
Q3-2016 103.4 111.1
Q4-2016 103.6 116.6
Q1-2017 103.4 118

Time of measurement depends on type of dwelling

Prices of new detached houses and new multi-dwellings are collected at different stages in the building process. New detached houses are measured at the completion date registered in the Cadaster, while new multi-dwellings are measured at the point of sale.