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Prices of old dwellings in housing companies decreased October to December 2022

review | Prices of dwellings in housing companies 31.12.2022

According to Statistics Finland's preliminary data, prices of old dwellings in housing companies fell by 3.0 per cent in October to December 2022 from the previous year and by 3.1 per cent from the previous quarter. Sales of old dwellings in housing companies slowed down towards the end of the year. The number of dwellings sold through real estate agents was 38 per cent lower in December 2022 and 35 per cent lower in October to December than one year earlier. The prices of smaller dwellings in blocks of flats fell most but the prices of big dwellings also made a downturn.

Prices of old dwellings fell in all large towns except for Oulu

In October to December 2022, prices fell by 3.6 per cent in large towns and by 1.7 per cent in the rest of the country from one year back. Of large towns, prices fell most in Helsinki and Vantaa. Prices of dwellings rose by 3.7 per cent in Oulu. From the previous quarter, prices fell in all large towns except for Oulu.

In December 2022, prices of old dwellings in housing companies fell in the whole country by 2.5 per cent from the previous year and by 0.2 per cent from November. Compared to one year ago, prices went down by 3.5 per cent in large towns and by 0.4 per cent in the rest of the country. Among large towns, prices of dwellings fell most in Helsinki and Vantaa. Prices went down by 5.7 per cent in Helsinki and by 3.1 per cent in Vantaa. Prices rose by 3.7 per cent in Oulu.

Rise in the prices of family dwellings halted in October to December 2022

The rise in the prices of family dwellings that started from 2020 evened out in the last quarter of 2022. Prices of dwellings in terraced houses fell by around one per cent in Greater Helsinki and remained on level with the previous year in the rest of the country. Prices of bigger dwellings in blocks of flats fell by 3.7 per cent in large towns and by 2.1 per cent outside large towns.

In the last quarter of the year, prices of dwellings in housing companies also fell most in small dwellings in blocks of flats. Outside large towns and in Greater Helsinki prices of one-room flats fell by close on eight per cent and in large towns by around six per cent. Prices of two-room flats fell by 4.7 per cent in large towns and by two per cent outside large towns.

Price development of regional centres more moderate in 2022 than in the previous year

According to Statistics Finland's preliminary data, in 2022 prices of old dwellings in housing companies rose 0,6 % in the whole country. Among regional centres prices went up especially in Oulu and Hämeenlinna, where prices went up by over three per cent in 2022. Among regional centres, prices of dwellings also rose from the year before in Lappeenranta and Kokkola. Prices fell most in Mikkeli and Kajaani, where prices of dwellings fell by over three per cent. In Pori, Joensuu and Vaasa prices fell by close on two per cent, in Jyväskylä and Kuopio by around one per cent.

Sales of new dwellings in housing companies petered out in the last quarter of 2022

In the whole country, there were 60 per cent fewer sales of new dwellings in housing companies than in the last quarter of 2021. However the prices of new dwellings in housing companies rose by 1.7 per cent in the last quarter of 2022 compared to the corresponding period in 2021 in the whole country. In Greater Helsinki, prices of new dwellings in housing companies rose by 0.7 per cent and in the rest of Finland by 2.7 per cent from one year back. From the previous quarter, prices fell in the whole country by 3.4 per cent. Prices of dwellings in terraced houses fell by 3.9 per cent and those in blocks of flats by 1.2 per cent. Prices of dwellings in blocks of flats fell by 3.3 per cent.

In 2022, prices of new dwellings in housing companies rose by 4.4 per cent in Greater Helsinki and by 4.3 per cent in the rest of the country. Prices went up most for terraced houses and two-room flats, least for one-room flats.

Figures

See key statistical data in the figures.

Development of prices of old dwellings in housing companies 2020M01-2022M12*, index 2020=100

Annual changes of prices of old dwellings in block of flats by number of rooms 2022Q4*

Annual changes of prices of old dwellings in housing companies 2022*, per cent

Development of prices of new dwellings in housing companies quarterly 2015Q1-2022Q4, 2015=100

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