Comparing house prices - Estonia and Europe

After reading the previous post about Housing prices in Estonia, you might be thinking that maybe Estonian prices are not that bad compared to other European countries. Let's try to do a rough comparison of Housing prices in Europe and see how does Estonia ranks.

It's good to note that we may be comparing oranges and apples (and there are lies, Lies and Statistics), so take this results with a grain of skepticism.

Global Property Guide has several very good articles on Estonian Housing market, and compared to Europe, Estonian Square Meter Prices are quite low (last 6th position). Also comparing House Price to Income Ratio to Europe, Estonia is on the middle (below top 15). However, this lists compare upscale  houses with "Average per square metre prices in US$/€ of 120-sq. m. apartments located in the centre of the most important city of each country".

Numbeo has some nice interactive maps of World Price to Income Ratio but I don't yet know how this numbers are calculated.

We can get more detailed analysis on a country per country basis, to get more insight. For instance, here's a recent article on Swiss home prices to income ratio.

What do you think: Does the world market affects Estonian housing prices? Postimees reports that foreigners almost one quarter of Estonian real estate transactions in 2012, although we have to remember that a big percentage of local residents holds a foreign or grey passport. Share it in the comments!