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1. Prices of blocks of flats went up in fourth quarter

According to preliminary data prices of old blocks of flats went up an average 3.2 per cent in the whole country from previous quarter. In Greater Helsinki prices went up by 3.6 per cent and in the rest of the country prices went up by 2.8 per cent. Average price per square metre in old blocks of flats was in whole country EUR 2,086, in Greater Helsinki EUR 3,132 euro and in the rest of country EUR 1,507. From previous year prices went up by 9.7 per cent in whole country.In Greater Helsinki prices went up by 11.8 per cent and in rest of country prices by 7.6 per cent.The information is from Statistics Finland’s quarterly house price statistics based on data from the Tax Authorities. Preliminary data comprise roughly two-thirds of completed transactions in dwellings in old blocks of flats and in terraced houses.

Prices of apartments in old blocks of flats have risen quickly after first quarter of 2009. In the end of year 2009 prices of old apartments were 9.6 per cent higher than January-March 2009. In Greater Helsinki pace of rising prices was more than this: Both in Helsinki and Espoo-Kauniainen price rising 12.9 per cent and in Vantaa 10.6 per cent. Elsewhere in Finland prices went up by 6.5 per cent from the first quarter of 2009. Information is preliminary, final data on the prices of old dwellings in 2009 will be published on 30 April.

By type of apartment reviewed in Greater prices of studios and two-room flats went up more than prices of multiple rooms flat. In the last quarter of 2009 in Greater Helsinki prices of studios went up by 4.2 per cent and prices of two-room flats by 4.6 per cent from previous quarter. During same time prices of multiple rooms flats went up by 3.0 per cent. Elsewhere in Finland prices of multiple rooms flats went up faster than prices of studios and two-room flats.

Price model of house prices works well, if number of transactions is sufficient large from quarter to quarter. In smaller cities number of transactions in different type of apartment is rather small and price model can not enough well to stabilized quality of apartments from quarter to quarter. For example in Pori prices are varied notably during year 2009.

Source: House Prices, Statistics Finland

Inquiries: Petri Kettunen (09) 1734 3558, Paula Paavilainen (09) 1734 3397

Director in charge: Kari Molnar

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Updated 29.1.2009