Prices of dwellings started to decline

According to preliminary data, the prices of old dwellings fell over the July to September period. Compared with the previous quarter, dwelling prices fell by an average of 1.4 per cent in the whole country and by 3.0 per cent in Greater Helsinki. In the rest of Finland prices stayed unchanged. The number of dwelling transactions fell clearly during the third quarter. Compared with the corresponding period of the year before, the number of transactions went down by some 20 per cent in the whole country and by some 30 per cent in Greater Helsinki.

Compared with the previous quarter, the prices of dwellings in old blocks of flats fell by an average of 1.4 per cent in the whole country, by 2.6 per cent in Greater Helsinki and by 0.2 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. 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 2.8 per cent, in Espoo-Kauniainen by 3.0 per cent and in Vantaa by 0.4 per cent. Prices fell in Kuopio by 4.0 per cent, in Lahti by 2.2 per cent and in Jyväskylä and Oulu by 0.3 per cent. Prices stayed unchanged in Turku. In Tampere prices rose by 1.5 per cent from the previous quarter.

Compared with the previous quarter, the prices of dwellings in new blocks of flats and terraced houses fell by 0.4 per cent in the whole country in the 3rd quarter of 2008. In Greater Helsinki prices rose by 1.2 per cent, while in the rest of Finland prices fell by 1.3 per cent. The average price per square metre of new dwellings was EUR 2,856 in the whole country, EUR 3,614 in Greater Helsinki and EUR 2,556 in the rest of Finland. The number of transactions reported to the statistics on prices of dwellings fell by 35 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-III/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 3rd quarter 2008 and changes¹ from the 2nd quarter 2008 and the 3rd quarter 2007. The data are preliminary.

Region	Average pricee/m² 2008/3	Index² point figure 2008/3	Change in index, % 2008/2-2008/3	Change in index, % 2007/3-2008/3	Number of transactions 2008/3
Whole country	2,029	150.8	-1.4	0.8	6,983
Greater Helsinki	3,063	155.4	-2.6	0.4	1,997
Rest of Finland	1,490	146.2	-0.2	1.2	4,986

Uusimaa	2,868	155.0	-2.5	0.6	2,477
Itä-Uusimaa	1,795	161.7	-5.8	-9.7	69
Varsinais-Suomi	1,550	156.9	1.2	0.1	507
Satakunta	1,198	140.5	0.6	2.8	223
Kanta-Häme	1,443	147.6	-0.4	0.0	188
Pirkanmaa	1,813	152.2	1.6	2.7	871
Päijät-Häme	1,380	143.8	-0.8	-1.5	370
Kymenlaakso	1,188	150.6	-1.3	5.3	352
South Karelia	1,433	140.2	0.9	3.4	191
Etelä-Savo	1,253	147.3	-2.1	3.9	172
Pohjois-Savo	1,485	146.5	-2.4	-1.5	270
North Karelia	1,508	158.2	5.1	4.3	115
Central Finland	1,420	128.5	-1.5	-1.1	415
South Ostrobothnia	1,232	143.1	1.8	3.6	71
Ostrobothnia	1,369	134.5	-3.9	-0.7	137
Central Ostrobothnia	1,316	164.7	4.3	20.6	33
North Ostrobothnia	1,482	128.0	-1.0	-1.3	257
Kainuu	1,142	133.0	3.8	6.4	80
Lapland	1,154	135.6	-2.3	4.5	185

Helsinki ³	3,351	156.7	-2.8	0.0	1,346
Helsinki-1	4,563	161.0	-5.3	-1.3	189
Helsinki-2	3,471	158.5	-2.1	0.6	681
Helsinki-3	2,598	152.6	0.2	0.7	228
Helsinki-4	2,296	145.7	-1.7	0.2	248

Espoo-Kauniainen	2,626	151.9	-3.0	1.6	340
Vantaa	2,102	150.0	-0.4	2.1	311
Satellite municipalities ⁴	1,741	150.2	-1.2	2.8	376
Porvoo	2,011	160.4	-7.3	-9.3	62
Tampere	2,021	154.6	1.5	2.1	632
Turku	1,695	158.9	0.0	-1.8	308
Pori	1,265	141.8	2.7	2.8	110
Rauma	1,176	138.2	-6.4	-2.4	82
Lappeenranta	1,656	145.6	0.6	4.0	126
Kotka	1,292	158.8	-3.2	4.9	145
Kouvola	1,146	145.6	-0.3	5.6	114
Lahti	1,460	146.1	-2.2	-1.0	309
Hämeenlinna	1,736	154.7	0.1	1.8	112
Kuopio	1,681	146.1	-4.0	-3.9	196
Jyväskylä	1,687	130.7	-0.3	-1.1	258
Vaasa	1,497	137.4	-3.0	-0.1	115
Seinäjoki	1,346	142.9	-0.6	0.9	48
Kokkola	1,370	172.8	4.6	22.3	27
Mikkeli	1,504	147.7	-5.9	-4.4	92
Joensuu	1,789	168.1	6.3	2.5	82
Oulu	1,567	128.3	-0.3	-1.6	200
Kajaani	1,166	132.5	-1.6	4.3	69
Rovaniemi	1,307	134.4	-2.3	0.1	125

¹ The change percentage is calculated by using the index point figure. The change can not be calculated
directly from average price per square meter due to differences in the structures of the data.
² Nominal price index 2000=100
³ The division of Helsinki into regions is based on the classification of postal area codes. 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: Price of dwellings 2008, 3rd 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

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Last updated 30.10.2008

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. 3rd quarter 2008. Helsinki: Statistics Finland [referred: 21.12.2024].
Access method: http://www.stat.fi/til/ashi/2008/03/ashi_2008_03_2008-10-30_tie_001_en.html