Published: 31 October 2008

Housing corporations' renovation costs increased by 15 per cent in 2007

Housing companies and state-subsidised housing corporations spent a total of EUR 1.4 billion on building renovations in 2007. These data are based on Statistics Finland's statistics on housing corporations' renovation building.

Housing companies' renovations made up some three-fourths of all housing corporations' renovations, or a total of some EUR 1.1 billion. The increase from the year before amounted to 22 per cent. Renovations were carried out on state-subsidised housing corporations to the value of some EUR 310 million. The renovation costs of state-subsidised housing corporations decreased by some 5 per cent from the previous year.

The annual renovation costs, which are included in housing corporations' maintenance costs, grew by 17 per cent and the renovation costs activated in the balance sheet increased strongly (by 28 per cent). The reason behind this brisk growth are the high renovation costs of blocks of flats built in the 1960s and 1970s.

Roughly 60 per cent of housing companies' total renovation costs related to repairs of external structures, such as external walls, roof structures, windows, street doors, balconies as well as heating and ventilation systems. Heating and ventilation systems include also plumbing renovations. The renovations of the internal structures in buildings made up some 15 per cent of housing companies' total renovation costs. The remaining renovation costs related to outdoors areas, building foundation structures, dwellings, electrical systems and other repairs.

Housing corporations' renovation costs 2006-2007

The statistics on housing corporations' renovation costs are based on a sample of approximately 2,300 housing corporations. The statistics on state-subsidised housing corporations are based on data collected from the 16 largest municipal rental housing corporations as well as some national rental housing corporations.

A classification error has been detected in the 2004-2006 data on the sample of housing companies in Statistics Finland's statistics on the finance of housing corporations. The effects of this error have been corrected in this set of statistics on housing companies' renovation building.

Source: Construction trends 2008, housing companies' renovations. Statistics Finland

Inquiries: Mr Kaj Isaksson +358 9 1734 3633, rakennus.suhdanne@stat.fi

Director in charge: Ms Hannele Orjala


Last updated 31.10.2008

Referencing instructions:

Official Statistics of Finland (OSF): Renovation building [e-publication].
ISSN=1799-2974. Renovations of housing corporations 2007. Helsinki: Statistics Finland [referred: 20.10.2019].
Access method: http://www.stat.fi/til/kora/2007/01/kora_2007_01_2008-10-31_tie_001_en.html