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4. House price development elsewhere

In Sweden prices of dwellings (detached and terraced houses included) rose by an average of 6.0 per cent in the third quarter of 2010 compared with the corresponding quarter of 2009. Compared with the second quarter of 2010, prices went up by 1.0 per cent. In the area of Greater Stockholm, prices rose by 10.0 per cent from the previous year and by 1.0 per cent from the previous quarter. In Sweden in general, the average price of a dwelling was SEK 1.99 million (EUR 214,630) and in the Greater Stockholm area SEK 3.74 million (EUR 403,380). Since 2005 prices of dwellings have risen by 39 per cent in Sweden and good seven percentage points more in the Greater Stockholm area than in the whole country. These figures derive from data provided by Statistics Sweden.

According to Statistics Norway, dwelling prices rose by an average of 6.6 per cent in the last quarter of 2010 from the year before. Prices of dwellings in blocks of flats went up by 5.4 per cent, on average, those in terraced houses by 7.7 per cent and prices of detached houses by 6.4 per cent compared with the corresponding period of 2009. Compared with the previous quarter, prices of dwellings in blocks of flats went up by 0.3 per cent and those in terraced houses by 0.2 per cent, while prices of detached houses fell by 0.4 per cent. In Oslo, the average price per square metre of a dwelling in a terraced house was NOK 35,987 (EUR 4,565) and in a block of flats NOK 43,027 (EUR 5,458). In Norway, dwelling prices have gone up by 40.5 per cent since 2005.

In Germany prices of old dwellings rose by 3.8 per cent in the third quarter of 2010 from the year before. From the previous quarter prices have gone up by 5.3 per cent, on average. Since 2005, prices of old dwellings have decreased by 7.0 per cent. In the third quarter of 2010 the average price per square metre of an old dwelling was EUR 1,667 and that of a new one EUR 1,860. Prices of new dwellings have fallen in a year by 4.4 per cent and from the previous quarter by 1.4 per cent. Since 2005, prices of new dwellings have risen by 7.0 per cent, on average. These data appear from the calculations of Hypoport AG.

In Great Britain prices of dwellings rose by 7.5 per cent in the third quarter of 2010 and in London by 11.9 per cent from the previous year. From the second quarter of 2010 prices rose by 1.7 per cent in the whole Great Britain and by 2.2 per cent in London. In the whole country, dwellings cost an average of GBP 165,140 (EUR 196,360) and in London GBP 341,057 (EUR 403,650). In Great Britain, dwelling prices have risen by 17.5 per cent and in London by 30.5 per cent since 2005. The data are based on those available from the Office for National Statistics and Land Registry.

In France, prices of old dwellings in blocks of flats and terraced houses rose by 0.4 per cent in the third quarter of 2010 compared with the corresponding period of 2009. From the previous quarter prices rose by 2.5 per cent. The average prices per square metre of dwellings in blocks of flats and terraced houses were in Paris EUR 6,381, in Lyon EUR 2,995 and in Marseilles EUR 2,839. Since 2005, prices of dwellings have risen by an average of 5.4 per cent. These data derive from the most recent publication by Fédération Nationale de l'Immobilier (FNAIM).

In Spain prices of old dwellings remained unchanged in the third quarter of 2010 compared with the corresponding period of the year before. Compared with the previous quarter, prices rose by 1.2 per cent. Prices of new dwellings fell by 1.7 from the year before and by 1.9 per cent from the second quarter of 2010. From 2007 prices of old dwellings have fallen by an average of 14.5 per cent and those of new ones by 1.2 per cent. These figures derive from data provided by the National Statistics Institute of Spain.

According to the Central Statistics Office, prices of dwellings in Ireland fell by 14.8 per cent in the third quarter of 2010 compared with the corresponding quarter of the previous year. Prices fell by 1.3 per cent from the previous quarter. In Dublin prices decreased by 21.0 per cent from the corresponding period of 2009. From the previous quarter they fell by 1.2 per cent. The average price of a dwelling in Ireland is EUR 199,000 and in Dublin EUR 239,000. In Ireland dwelling prices have fallen by 22.6 per cent and in Dublin by 29.6 per cent.

According to data collected by the Bank of Greece, prices of old dwellings have fallen by 3.7 per cent in the third quarter of 2010 from the previous year. From the previous quarter prices went down by 1.6 per cent. Prices of new dwellings decreased by 5.2 from the year before and by 1.1 per cent from the previous quarter. In Athens prices declined by 3.1 per cent from the year before and by 2.9 per cent from the previous quarter. Since 2005, prices of dwellings in Athens have risen by 12.6 per cent.

According to the Federal State Statistics Service of Russia, prices of old dwellings have risen by 10.8 per cent in the third quarter of 2010 from the previous year and by 0.4 per cent from the previous quarter. Prices of new dwellings were almost unchanged from the previous year and quarter. The average price per square metre of an old dwelling was EUR 1,468 and that of a new one EUR 1,186. Since 2005, prices of old dwellings have quadrupled and those of new dwellings doubled in Russian urban areas.

In Estonia prices of dwellings have gone up by 6.1 per cent in the third quarter of 2010 from the previous year. From the previous quarter prices declined by 0.4 per cent. In Tallinn prices rose by 16.0 per cent year-on-year. From the previous quarter prices went down by 3.6 per cent. In Estonia the average price per square metre of a dwelling was EUR 633 and in Tallinn EUR 906. These figures derive from data provided by Statistics Estonia.

According to the Federal Housing Finance Agency, dwelling prices in the USA fell by 3.2 per cent in the third quarter of 2010 compared with the corresponding period of 2009. From April to June 2010 prices have gone down by 1.6 per cent, on average. During the year prices declined in 40 states; most in Idaho, by 9.8 per cent. Prices rose fastest in West Virginia, or by 4.4 per cent. Since 2005, dwelling prices have decreased by an average of 7.3 per cent in the USA.

The compilation of statistics on dwelling prices is currently being developed in several EU countries. The above data have been collected from a number of sources. They are not necessarily mutually comparable or with the data compiled on Finland. The exchange rate for euro published on 24 January 2011 was used for the currency conversions.

Source: Prices of Dwellings, Statistics Finland

Inquiries: Petri Kettunen (09) 1734 3558, Johanna Leivo (09) 1734 3397, asuminen.tilasto@stat.fi

Director in charge: Kari Molnar

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Updated 28.1.2011