Prices of old dwellings in housing companies continued to fall in the second quarter of 2023

Prices of old dwellings in housing companies decreased throughout the country

In April to June 2023, prices fell by 7.7 per cent in large towns and by 5.5 per cent in the rest of the country from one year back. Prices fell most in Helsinki (8.6%) and in Tampere (7.5%). Prices went down by good seven per cent in Espoo and Vantaa, by 4.3 per cent in Turku and by 2.0 per cent in Oulu.

In June 2023, prices of old dwellings in housing companies fell in the whole country by 7.3 per cent from the previous year, but compared to May, prices rose by 0.3 per cent.

In large towns prices went down by 8.0 per cent and in the rest of the country by 5.7 per cent compared to June last year. Prices fell by 10.2 per cent in Helsinki and by 6.4 per cent in Espoo and Tampere. Prices declined by 6.1 per cent in Vantaa, by 4.4 per cent in Turku and by 2.0 per cent in Oulu. During June 2023, prices of old dwellings made a slight upturn in all large towns except for Turku from May.

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Prices of dwellings in blocks of flats fell most in Greater Helsinki

In the second quarter of 2023, prices of dwellings in terraced houses fell by 5.5 per cent in the whole country. The fall in prices was slightly more moderate than this in Greater Helsinki than elsewhere in the country.

In the second quarter, prices of dwellings in blocks of flats fell most for small dwellings. Prices of one-room flats decreased by 9.2 per cent and those of two-room flats by 7.5 per cent. Prices of family dwellings went down by 7.1 per cent.

Prices of dwellings in blocks of flats fell most in Greater Helsinki, where prices of one-room flats went down by around 11 per cent. The fall was around nine per cent for two-room flats and family dwellings. Outside Greater Helsinki, prices of one-room flats and two-room flats went down by around six per cent, while prices of family dwellings fell more moderately, by around four per cent.

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Prices of old dwellings continued to fall in regional centres

In the second quarter of 2023, prices of old dwellings in housing companies fell throughout Finland except for Mikkeli. In Mikkeli prices rose by 2.4 per cent from one year earlier. Of the regional centres, prices fell most in Kokkola, Lahti and Kouvola. Prices fell by 17.9 per cent in Kokkola, by 12.3 per cent in Lahti and by 11.4 per cent in Kouvola.

From the previous quarter, prices rose in seven regional centres. The price rises were biggest in Mikkeli (8.0%), Jyväskylä (7.7%) and Joensuu (5.5%). Prices fell by 11.6 per cent in Kokkola, by slightly over 11 per cent in Kajaani and by 6.6 per cent in Kouvola.

Sales of new dwellings in housing companies still low

In the second quarter of 2023, prices of new dwellings in housing companies rose by 3.1 per cent compared to the corresponding period of the previous year. Compared to the early part of 2023, prices rose by 5.4 per cent in the whole country. There were 66 per cent fewer transactions in the whole country than in the second quarter of 2022.

Prices of new dwellings rose by 8.8 per cent in Greater Helsinki and fell by 0.1 per cent in the rest of the country from one year back. Prices of dwellings in terraced houses went up by 0.8 per cent and those in blocks of flats by 4.0 per cent. Prices of one-room flats in blocks of flats went down by 7.3 per cent and those of two-room flats by 0.4 per cent. Prices of family dwellings rose by 10.1 per cent.