Prices of dwellings went down in the January-March

According to preliminary data prices of old dwellings are went down in the first quarter. Prices went down in the whole country by 0,7 per cent and in Greater Helsinki area prices went down by 2,0 per cent from previous quarter. In the rest of the Country prices went up by 0,5 per cent. From previous year prices went down by 5,3 per cent in the Whole Country. In Greater Helsinki area prices went down by 7,2 per cent and in the rest of the Country 3,7 per cent.

The price for old dwelling per square metre was in January–March EUR 1,831 in the whole country, EUR 2,683 in Greater Helsinki and EUR 1,447 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. The preliminary data comprise roughly two-thirds of completed transactions in dwellings in old blocks of flats and in terraced houses,

Statistics Finland has revised the statistics on the prices of dwellings. The revised statistics provide a timelier than before description of the prices of old dwellings, as the year 2005 has been adopted as the base year of the statistics (the previous base year was 2000). In connection with the adoption of the new base year the weight structure of the index has been revised to correspond to the most recent stock of dwellings in housing corporations by type of dwelling, number of dwellings, size, location and price level. As a result of the weight structure revision, the average transaction prices of old dwellings per square metre have changed in 2005–2008 when compared with previously published data

In general the price level has changed only slightly, but in Helsinki the average price of an old dwelling in a block of flats is some EUR 150 lower in the new index than in the old index. In the new index the weight of blocks of flats in the fringes of Helsinki has increased from before when compared with central Helsinki. As prices per square metre in the fringe areas are lower than in central Helsinki, the average price level of all of Helsinki is lower in the new index. See also the link 'Revisions in these statistics' in the left-hand navigation bar on the home page of the statistics

In the first quarter of 2009, the prices of dwellings in new blocks of flats and terraced houses fell by 0,4 per cent from the previous quarter in the whole country. In Greater Helsinki the prices went up by 1.0 per cent and in the rest of Finland went down by 1,2 per cent. The average price per square metre of new dwellings was EUR 2,738 in the whole country, EUR 3,414 in Greater Helsinki and EUR 2,494 in the rest of Finland. From previous year the prices in new blocks of flats and terraced houses went down by 3,7 per cent. In Greater Helsinki the prices went down by 6,1 per cent and in the rest of country 2,4 per cent. 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 flat quarterly I/1970 — I/2009, index 1970=100

During the year 2008, the prices of old dwellings rose on average by 1.4 per cent in the whole country, 1.3 per cent in Greater Helsinki and 1.6 per cent in the rest of Finland. The number of housing transactions decreased considerably. In 2008, 70,245 housing transactions were made which is over 14 per cent less than the year before. The total value of housing transactions was EUR 8.7 billion, which is around EUR 1.1 billion less when compared with the previous year. Around one third of them was made in the region of Uusimaa and their value was around 47 per cent the total sum.

Source: Prices of dwellings, Statistics Finland

Inquiries: Petri Kettunen (09) 1734 3558, Paula Paavilainen (09) 1734 3397, asuminen@stat.fi

Director in charge: Kari Molnar

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Reviews

1.Prices of blocks of flats unchanged in first quarter (13.5.2009)
2. Prices of terraced houses went down in first quarter (13.5.2009)
3. The number and propotion of first-housing transactions declined (13.5.2009)
4. Changes in House Prices, Wages and Consumer Prices (13.5.2009)

Tables

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Figures

1. Average prices per square metre of dwellings in old blocks of flats from year 2005 (13.5.2009)
2. Average prices per square metre of dwellings in old terraced houses from year 2005 (13.5.2009)
3. Price development of old and new dwellings (13.5.2009)

Quality descriptions

Quality Description (13.5.2009)

Updated 13.05.2009

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. 1st quarter 2009. Helsinki: Statistics Finland [referred: 16.11.2024].
Access method: http://www.stat.fi/til/ashi/2009/01/ashi_2009_01_2009-05-13_tie_001_en.html