Published: 31 July 2020

Differentiation of prices of old dwellings in housing companies continued as housing transactions picked up in June

According to Statistics Finland's preliminary data, prices of old dwellings in housing companies rose by just under one per cent in Greater Helsinki compared to June 2019 and decreased by four per cent in the rest of Finland. Compared with May, prices remained unchanged in the whole country. Based on transactions made through real estate agents, the number of transactions of old dwellings in housing companies was unchanged in June compared to the corresponding period the previous year and nearly 30 per cent higher than in May.

Development of prices of old dwellings in housing companies by month, index 2015=100

Development of prices of old dwellings in housing companies by month, index 2015=100

Compared with the corresponding period last year, preliminary data published monthly indicate that prices fell most in Eastern Finland and in the satellite municipalities.

Development of prices of old dwellings in housing companies by month in Major regions, index 2015=100

Development of prices of old dwellings in housing companies by month in Major regions, index 2015=100

Of large towns, prices rose compared with the previous year in Turku, Vantaa, Helsinki and Oulu and fell slightly in Espoo and Tampere.

Of regions, prices of old dwellings in housing companies rose only in Uusimaa in the second quarter compared with the corresponding period last year

According to preliminary data, prices of old dwellings in housing companies rose by around two per cent in Greater Helsinki in the second quarter of 2020 from the corresponding quarter of the year before. Prices decreased by nearly three per cent elsewhere in Finland. Compared with the previous quarter, prices went up by 1.4 per cent in Greater Helsinki and fell by 0.6 per cent in the rest of Finland.

Examined by region, prices rose in the second quarter only in Uusimaa, by around one per cent, compared with the corresponding period last year. In the second quarter, prices were on level with the previous year in Pirkanmaa and Southwest Finland. Compared with the year before, prices fell most in Central Ostrobothnia, Päijät-Häme and South Savo.

Development of prices of old dwellings in housing companies by regions, quarterly, index 2015=100

Development of prices of old dwellings in housing companies by regions, quarterly, index 2015=100

The price development of old dwellings in housing companies remained stable in large towns in the second quarter. Prices rose most clearly compared with the corresponding period of the previous year in Turku and Helsinki. The average price per square metre of a one-bedroom dwelling in an old block of flats was EUR 7,735 in the centre of Helsinki and EUR 3,452 in the centre of Turku in the second quarter of the year.

Development of prices of old dwellings in housing companies quarterly, index 2015=100

Development of prices of old dwellings in housing companies quarterly, index 2015=100

Prices of old dwellings in housing companies in different parts of the country have fallen in recent years, but account has to be taken of differences between areas and inside towns in price development and price levels. For example, prices of old dwellings in housing companies in Jyväskylä have gone down by around nine per cent from 2015. In the centre area of Jyväskylä prices have gone down by around two per cent, while farther from the centre they have gone down by over 15 per cent. Differences in price development are large also inside Helsinki, for example.

Prices of old dwellings in housing companies, 2nd quarter 2020 1)

Area Price, EUR/m² Index 2015=100 Quarterly change, % Yearly change, %
Whole country 2,086 103.9 0.4 -0.4
Greater Helsinki 3,823 113.0 1.4 1.9
Rest of the country (whole country- Greater Helsinki) 1,585 95.8 -0.6 -2.7
Helsinki 4,412 117.8 2.0 2.8
Espoo-Kauniainen 3,553 105.8 -0.4 0.0
Vantaa 2,737 104.1 2.3 1.5
Satellite municipalities 2) 2,042 95.0 -1.2 -3.5
Tampere 2,520 108.8 -0.5 0.0
Turku 2,177 116.0 2.4 3.8
Lahti 1,579 85.9 -8.3 -10.3
Kuopio 1,784 92.5 1.1 3.6
Jyväskylä 1,687 91.2 -5.5 -6.5
Oulu 1,812 100.1 0.2 -2.2
1) Preliminary data
2) Satellite municipalities = Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Nurmijärvi, Riihimäki, Sipoo, Tuusula and Vihti

Prices of new dwellings in housing companies rose in the second quarter

In the second quarter of 2020, prices of new dwellings in housing companies rose by around two per cent in Greater Helsinki and by five per cent elsewhere in Finland, compared with the corresponding period last year. Compared to the previous quarter, prices of new dwellings rose in Greater Helsinki by one per cent and remained unchanged elsewhere in Finland.

Compared with the previous year, prices of new dwellings fell in Vantaa and rose in other large towns.

The number of sold new dwellings decreased in the second quarter by over 30 per cent compared to the corresponding period the previous year.

Development of prices of new dwellings in housing companies quarterly, index 2015=100

Development of prices of new dwellings in housing companies quarterly, index 2015=100

The average price per square metre for a new dwelling in a block of flats located on own plot was EUR 7,581 in Helsinki and EUR 5,093 in Turku in the second quarter of the year.

When the monthly statistics on prices of dwellings in housing companies are published, they cover approximately 70 per cent of all transactions made in the latest statistical month. The monthly data become revised during the following months so that the final data for the year are published in the release concerning the first quarter of the following year. Further information about data revisions can be found in separate tables.

Data on prices of dwellings in housing companies in different areas and by house type are available at stat.fi/til/ashi/tau_en.html. The tables also contain data on the prices per square metre at the municipal and postal code levels and on the numbers of transactions. If only a few transactions are known in the area, a couple of deviating cases may significantly affect the average price for an area and the price index.

Starting from March 2020, the data used in the statistics on prices of old dwellings in housing companies are the Tax Administration's data on dwellings (data on ownership of dwellings in housing companies). Data on dwellings should not be used to assess the activity of transactions in latest periods.

The data on new dwellings in housing companies are based on information on the transaction prices reported by the largest building contractors and real estate agents. The numbers of old dwellings in housing companies sold through real estate agents are based on the price monitoring service of the Central Federation of Finnish Real Estate Agencies.


Source: Prices of dwellings in housing companies, Statistics Finland

Inquiries: Petri Kettunen 029 551 3558, Elina Vuorio 029 551 3385, asuminen.hinnat@stat.fi

Director in charge: Mari Ylä-Jarkko

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Tables

Tables in databases

Appendix tables

Figures
Quality descriptions
Revisions in these statistics

Updated 31.7.2020

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. June 2020. Helsinki: Statistics Finland [referred: 15.8.2020].
Access method: http://www.stat.fi/til/ashi/2020/06/ashi_2020_06_2020-07-31_tie_001_en.html