Published: 29 October 2020

Prices of old dwellings in housing companies rose over 5 per cent in Greater Helsinki in September

According to Statistics Finland's preliminary data, prices of old dwellings in housing companies rose by 5.2 per cent in Greater Helsinki in September and fell by close on one per cent in the rest of the country compared with last year. Compared to August, prices rose in the whole country by about one per cent. Based on transactions made through real estate agents, around six per cent more transactions of old dwellings in housing companies were made in September than one year earlier.

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

According to transactions made through real estate agents, the number of dwelling transactions went down by close on one per cent in Greater Helsinki compared with the previous year but rose by over nine per cent in the rest of the country.

Of regions, prices of old dwellings in housing companies rose most in Ostrobothnia in the third quarter compared with the corresponding period last year

According to preliminary data, prices of old dwellings in housing companies rose by over three per cent in Greater Helsinki in the third quarter of 2020 from the corresponding quarter of the year before. Prices decreased by some half a per cent elsewhere in Finland. Compared with the previous quarter, prices rose by around half a per cent in the whole country.

The price development of old dwellings in housing companies remained stable in large towns in the third quarter. Prices rose most clearly in Helsinki and Tampere compared with the corresponding period of last year. In Turku, the rise in prices halted from the previous quarters and on the annual level, prices remained on level with the previous year.

The average price per square metre of a one-bedroom dwelling in an old block of flats was EUR 7,975 in the centre of Helsinki and EUR 3,721 in the centre of Tampere in the third 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

Examined by region, prices rose in the third quarter in Ostrobothnia, Uusimaa, Pirkanmaa and North Ostrobothnia compared with the corresponding period last year. Compared with the year before, prices fell most in Päijät-Häme and South Ostrobothnia.

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

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 Vaasa have gone down by around four per cent from 2015. In the centre area of Vaasa prices have risen in five years by around one per cent, while farther away from the centre they have gone down by over 10 per cent. For example, differences in price development are large inside Helsinki, too.

According to preliminary data, the total number of dwelling transactions was at the same level in the third quarter compared with the previous year. Compared with the previous year, transactions of old dwellings in housing companies and old single-family houses were made 2 per cent more. Compared with the previous year, transactions in new dwellings in housing companies were made less by 12 per cent.

Prices of old dwellings in housing companies, 3rd quarter 2020 1)

Area Price, EUR/m² Index 2015=100 Quarterly change, % Yearly change, %
Whole country 2,140 105,1 0,6 1,6
Greater Helsinki 3,883 113,9 0,3 3,6
Rest of the country (whole country- Greater Helsinki) 1,633 97,2 1,0 -0,4
Helsinki 4,540 119,0 0,1 4,6
Espoo-Kauniainen 3,545 106,0 0,1 1,5
Vantaa 2,746 105,2 1,4 2,6
Satellite municipalities 2) 2,144 98,9 1,4 0.4
Tampere 2,625 113,4 1,7 4,2
Turku 2,155 113,2 -3,0 0,0
Lahti 1,591 89,9 2,0 -7,5
Kuopio 1,787 90,8 -1,7 0,2
Jyväskylä 1,709 93,7 3,5 -2,7
Oulu 1,855 102,7 2,7 2,5
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 third quarter

Compared with the corresponding period of the year before, prices of new dwellings in housing companies rose by around two per cent in Greater Helsinki and the rest of Finland in the third quarter of 2020. Compared with the previous quarter, prices of new dwellings went down by around one per cent in Greater Helsinki and rose by half a per cent in the rest of Finland.

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

Compared with the year before, prices of new dwellings remained unchanged in Espoo and rose in other large towns. The average price per square metre for a new dwelling in a block of flats located on own plot was EUR 7,648 in Helsinki and EUR 5,297 in Turku in the third quarter.

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

Head of Department in charge: Hannele Orjala

Publication in pdf-format (470.7 kB)

Tables

Tables in databases

Appendix tables

Figures
Quality descriptions
Revisions in these statistics

Updated 29.10.2020

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. September 2020. Helsinki: Statistics Finland [referred: 26.11.2020].
Access method: http://www.stat.fi/til/ashi/2020/09/ashi_2020_09_2020-10-29_tie_001_en.html