A more recent publication of this set of statistics is available.

Latest publication: Prices of dwellings in housing companies 2018, June

Published: 30 January 2009

Fall in prices of dwellings accelerated in the last quarter

According to preliminary data, the fall in the prices of dwellings in old blocks of flats and in terraced houses accelerated in the last quarter of 2008. Compared to the previous quarter, dwelling prices fell by 3.8 per cent in the whole country, by 3.5 per cent in Greater Helsinki and by 4.0 per cent elsewhere in the country. The number of dwelling transactions diminished clearly toward the end of the year. Compared to the corresponding period of the year before, the number of transactions fell by 40 per cent in the whole country and by some 50 per cent in Greater Helsinki.

Compared to the previous quarter, the prices of dwellings in old blocks of flats fell by an average of 4.0 per cent in the whole country, by 4.3 per cent in Greater Helsinki and by 3.8 per cent in the rest of Finland. These data derive from the statistics on the prices of dwellings compiled by Statistics Finland on the basis of the Tax Administration's data. The preliminary data comprise roughly two-thirds of completed transactions in dwellings in old blocks of flats and in terraced houses.

In Helsinki the prices of dwellings in old blocks of flats fell by 3.8 per cent, in Espoo-Kauniainen by 6.2 per cent and in Vantaa by 5.2 per cent. In Tampere the prices fell by 4.7 per cent, in Oulu by 4.4 per cent, in Turku by 3.7 per cent, in Kuopio by 4.9 per cent, in Lahti by 3.5 per cent and in Jyväskylä by 1.7 per cent from the previous quarter.

In the last quarter of 2008, the prices of dwellings in new blocks of flats and terraced houses fell by 3.0 per cent from the previous quarter in the whole country. In Greater Helsinki the prices fell by 5.3 per cent and in the rest of Finland by 1.7 per cent. The average price per square metre of new dwellings was EUR 2,726 in the whole country, EUR 3,458 in Greater Helsinki and EUR 2,436 in the rest of Finland. The number of transactions reported to the statistics on prices of dwellings fell by around 50 per cent from the previous quarter. The data are based on the price information of the largest building contractors and estate agents.

Real price index of dwellings in old blocks of flats1 by quarter
I/1970-IV/2008, 1970=100

1 The general development of consumer prices has been removed from the change in prices of dwellings.

Unencumbered average selling prices of dwellings in old blocks of flats per square metre, index figures for the 4th quarter 2008 and changes1 from the 3rd quarter 2008 and the 4th quarter 2007. The data are preliminary.



Region
Average price
EUR/m2
2008/4
Index2
point figure
2008/4
Change
in index, %
2008/3-2008/4
Change
in index, %
2007/4-2008/4
Number of
transactions

2008/4
Whole country 1,943 144.9 -4.0 -3.3 4,791
Greater Helsinki region 2,929 149.7 -4.3 -3.6 1,372
Rest of Finland 1,429 140.2 -3.8 -2.9 3,419
Uusimaa 2,747 149.3 -4.2 -3.5 1,705
Itä-Uusimaa 1,767 156.6 -3.4 -11.6 53
Varsinais-Suomi 1,472 148.9 -4.5 -3.7 486
Satakunta 1,141 135.5 -3.0 0.2 171
Kanta-Häme 1,379 141.4 -2.9 -6.1 123
Pirkanmaa 1,727 143.5 -5.2 -4.2 526
Päijät-Häme 1,325 140.1 -2.2 -3.5 250
Kymenlaakso 1,112 145.5 0.2 -0.9 223
South Karelia 1,379 134.1 -4.2 -0.1 128
Etelä-Savo 1,180 142.6 -1.5 0.7 129
Pohjois-Savo 1,458 139.7 -4.7 -5.2 122
North Karelia 1,439 148.6 -7.2 2.4 100
Central Finland 1,396 128.6 -0.9 -1.9 218
South Ostrobothnia 1,173 136.5 -5.6 -1.3 42
Ostrobothnia 1,425 141.3 1.9 4.2 96
Central Ostrobothnia 1,151 150.7 -3.9 8.5 32
North Ostrobothnia 1,364 121.1 -4.3 -5.9 216
Kainuu 1,037 121.5 -10.6 -6.0 60
Lapland 1,104 122.8 -9.8 -4.4 111
Helsinki 3 3,224 152.0 -3.8 -3.4 906
Helsinki-1 4,494 158.4 -3.5 -3.3 154
Helsinki-2 3,288 153.0 -3.7 -3.7 443
Helsinki-3 2,496 146.3 -4.3 -3.3 147
Helsinki-4 2,208 140.3 -4.3 -2.7 162
Espoo-Kauniainen 2,436 143.2 -6.2 -4.3 231
Vantaa 1,992 141.5 -5.2 -4.6 235
Satellite municipalities 1,710 145.9 -1.9 -1.0 260
Porvoo 1,989 156.8 -4.4 -10.0 50
Tampere 1,959 147.1 -4.7 -4.2 377
Turku 1,616 152.3 -3.7 -4.3 298
Pori 1,230 138.8 -3.6 1.4 87
Rauma 1,153 137.3 -0.2 -3.7 53
Lappeenranta 1,585 139.8 -4.0 -0.3 90
Kotka 1,238 157.9 -1.4 0.3 112
Kouvola 1,076 136.8 -5.4 -3.5 65
Lahti 1,411 140.1 -3.5 -5.4 193
Hämeenlinna 1,701 149.9 -2.1 -3.4 71
Kuopio 1,698 139.1 -4.9 -8.1 59
Jyväskylä 1,637 130.2 -1.7 -1.6 132
Vaasa 1,570 141.5 -1.1 1.9 71
Seinäjoki 1,244 137.6 -5.5 -1.1 29
Kokkola 1,192 157.0 -4.2 9.2 26
Mikkeli 1,458 147.1 -1.4 -0.2 55
Joensuu 1,707 156.3 -8.5 1.2 67
Oulu 1,442 121.7 -4.4 -6.7 176
Kajaani 1,071 124.6 -7.4 -4.0 44
Rovaniemi 1,292 129.7 -3.9 -2.1 65

1 The change percentage is calculated by using the index point figure. The change cannot be calculated direct from the average price per square metre due to structural differences in the data.
2 Nominal price index 2000=100
3 The division of Helsinki into regions is based on the classification of postal code areas. Precise division into regions is available on the Internet at www.tilastokeskus.fi/til/ashi/luo.html
4 Surrounding municipalities = Hyvinkää, Järvenpää, Kerava, Kirkkonummi, Nurmijärvi, Riihimäki, Sipoo, Tuusula and Vihti
..= fewer than 20 completed transactions

Source: Prices of dwellings 2008, 4th quarter. Statistics Finland

Inquiries: Ms Paula Paavilainen +358 9 1734 3397, Mr Petri Kettunen +358 9 1734 3558, asuminen.tilasto@stat.fi

Director in charge: Mr Kari Molnar

Prices of dwellings in housing companies 2008, 4th quarter (pdf 915.1 kB)

Tables

Tables in databases


Last updated 30.1.2009

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. 4th quarter 2008. Helsinki: Statistics Finland [referred: 19.8.2018].
Access method: http://www.stat.fi/til/ashi/2008/04/ashi_2008_04_2009-01-30_tie_001_en.html