Estonian house prices are rising, but the housing market is nervous
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In Tallinn, the capital of Estonia, the average price of dwellings was up 10.4% on the year ending in Q2 2011, to €1,033 per square metre (sq. m.) (up 4.9% inflation-adjusted), according to the Statistical Office of Estonia.
Nationally the average price of dwellings was up 10.6% to €703 per sq. m. during the year to end-Q2 2011. When adjusted for inflation, Estonian house prices rose by 5.2% over the same period.
It has been a rough ride. After amazing 37% annual house price rises from 2004 to 2006:
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