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Published: 29 April 2015

Prices of dwellings in housing companies decreased in the first quarter

Corrected on 13 May 2015. The corrections are indicated in red.

According to Statistics Finland’s preliminary data, prices of old dwellings in housing companies went down by 0.2 per cent in the whole country from the previous quarter in the first quarter 2015. In Greater Helsinki, prices went up by 0.6 per cent, while in the rest of Finland they went down by 1.0 per cent. Compared with the corresponding period of 2014, prices fell by 1.1 per cent in the whole country. In Greater Helsinki, prices went down by 0.3 per cent, and in the rest of the country by 1.8 per cent.

Development of prices of old dwellings in housing companies quarterly, index 2010=100

In the first quarter of 2015, the average price per square metre of an old dwelling in a housing company was EUR 2,256 in the whole country, EUR 3,551 in Greater Helsinki and EUR 1,675 elsewhere in the country.

Prices of new dwellings in blocks of flats and terraced houses rose by 2.8 per cent in the whole country from the previous quarter. In Greater Helsinki, prices fell by 0.9 per cent, while in the rest of the country prices went up by 5.0 per cent.

Compared with the same period in 2014, prices of new units in housing companies rose by 2.7 per cent in the whole country. In Greater Helsinki, prices went down by 3.0 per cent, while in the rest of Finland they went up by 6.0 per cent. The average price per square metre of new units in housing companies was EUR 3,532 in the whole country, EUR 4,803 in Greater Helsinki and EUR 3,084 in the rest of the country.

The information on old dwellings derive from the statistics on the prices of dwellings in housing companies compiled by Statistics Finland from the Tax Administration’s data. The preliminary data cover roughly two-thirds of completed transactions in old dwellings in blocks of flats and terraced houses. The data on new dwellings in blocks of flats are based on information on the transaction prices of the largest building contractors and estate agents. More detailed price data on dwellings in housing companies are available at http://tilastokeskus.fi/til/ashi/tau_en.html .

Annual statistics for 2014

In 2014, good 62,300 transactions of old dwellings in housing companies were completed in the whole country. The number of transactions fell by 7.4 per cent in the whole country from the previous year. In Greater Helsinki, the number of transactions decreased by 1.3 per cent and in the rest of the country by 9.4 per cent. Last year, the average price per square metre of old dwellings in housing companies was EUR 2,266 in the whole country, EUR 3,530 in Greater Helsinki and EUR 1,699 elsewhere in the country. From 2013, prices of old dwellings fell by 0.7 per cent in the whole country. In Greater Helsinki prices remained unchanged and in the rest of Finland they fell by 1.4 per cent.

Last year, the total sum of housing transactions was close on EUR 9.5 billion, which was slightly over EUR 0.5 billion less than in 2013. Slightly over one-third of the transactions in the whole country were made in the region of Uusimaa and their value was over one-half of the total sum.

In 2014, prices of new dwellings in blocks of flats and terraced houses rose by 1.4 per cent in the whole country. In Greater Helsinki, prices went up by 1.4 per cent and in the rest of the country by 1.5 per cent compared with the previous year. In the whole country, the average price of a new dwelling was EUR 3505, in Greater Helsinki EUR 4,777 and elsewhere in Finland EUR 3,506.

Prices of dwellings in housing companies rose in March

According to Statistics Finland’s preliminary data, prices of old dwellings in blocks of flats and terraced houses went up by 1.7 per cent from February to March in the whole country. In Greater Helsinki, prices went up by 3.8 per cent, while in the rest of Finland they went down by 0.3 per cent. Compared with March 2014, prices fell by 1.9 per cent in the whole country. In Greater Helsinki, prices went up by 1.2 per cent from the year before, but in the rest of the country they went down by 4.7 per cent.

Development of prices of old dwellings in housing companies by month, index 2010=100

In March 2015, the average price per square metre of an old dwelling in a housing company was EUR 2,235 in the whole country, EUR 3,629 in Greater Helsinki and EUR 1,610 elsewhere in the country.

When the monthly statistics on prices of dwellings in housing companies are published they cover approximately 40 per cent of all transactions made in the latest statistical month. The monthly data become revised during the following months so that the final data for the year are published in the release concerning the first quarter of the following year. For further information about data revisions, see separate tables.

Statistics Finland has revised the statistics on the prices of dwellings in housing companies. The revised statistics provide a timelier than before description of the prices of dwellings, as the year 2010 has been adopted as the base year of new and old dwellings. In connection with the adoption of the new base year the weight structure of the index has been revised to correspond to the 2010 stock of dwellings in housing corporations by type of dwelling, number of dwellings, size, location and price level. In addition, the statistical model used in index calculations, price review procedures, and classifications have been updated.

Retrospective time series starting from 2010 have been calculated for the indices based on the new calculation method. These backcasted series can to some extent differ from previously published indices for the respective time periods. Differences are generated particularly in regions where the number of observations is low. For the whole country, the differences are small.

Source: Prices of dwellings in housing companies, Statistics Finland

Inquiries: Petri Kettunen 029 551 3558, Jaana Hellman 029 551 2661, asuminen.hinnat@stat.fi

Director in charge: Mari Ylä-Jarkko

Publication in pdf-format (454.5 kB)

Reviews

• 1. Prices of dwellings in blocks of flats went up in the January to March period (29.4.2015)
• 2. Prices of old dwellings in terraced houses fell in the January to March period (29.4.2015)
• 3. Changes in prices of dwellings and in earnings level (29.4.2015)

Tables

Tables in databases

Pick the data you need into tables, view the data as graphs, or download the data for your use.

• Database tables and their variables
• Archived tables

Appendix tables

• Appendix table 1. Unencumbered average prices per square metre of old dwellings in housing companies, March 2015 1) (29.4.2015)
• Appendix table 2. Unencumbered average prices per square metre of blocks of flats, March 2015 1) (29.4.2015)
• Appendix table 3. Unencumbered average prices per square metre of terraced houses, March 2015 1) (29.4.2015)
• Appendix table 4. Unencumbered average prices per square metre of old dwellings in housing companies, February 2015 1) (29.4.2015)
• Appendix table 5. Unencumbered average prices per square metre of old dwellings in housing companies, January 2015 1) (29.4.2015)

Figures

• Appendix figure 1. Average prices per square meter of dwellings in old blocks of flats (29.4.2015)
• Appendix figure 2. Average prices per square meter of dwellings in old terraced houses (29.4.2015)
• Appendix figure 3. Price development of old and new dwellings from 2010 (29.4.2015)
• Appendix figure 4. Changes in prices of dwellings in major cities, 1st quarter 2015 (29.4.2015)
• Appendix figure 5. Real Price Index of dwellings in old blocks of flats 1970=100 (29.4.2015)

Quality descriptions

• Quality Description: Prices of dwellings in housing companies (29.4.2015)

Revisions in these statistics

• Revisions in these statistics (29.4.2015)

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Updated 29.4.2015