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Published: 30 October 2008

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 price
e/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: 18.11.2024].
Access method: http://www.stat.fi/til/ashi/2008/03/ashi_2008_03_2008-10-30_tie_001_en.html