Value of housing corporations' renovations fell by 5,6 per cent in 2008

In 2008, housing companies and state-subsidised rental dwelling companies spent EUR 1.3 billion on repairs to their buildings, which is 5,6 per cent less than in 2007. These data derive from Statistics Finland's statistics on housing corporations' renovation building.

Housing companies' renovations accounted for approximately three-quarters, or a total of around EUR 972 million, of all housing corporations' renovations. The economic downturn started to have an impact on the construction industry towards the end of 2008. In the renovations of housing companies this could already be seen in statistics concerning 2008. Renovations of housing companies decreased by about 10 per cent from the previous year. The value of the renovations was brought down by a decrease of good one-quarter in basic renovations. By contrast, annual repairs increased by 4.4 per cent from the previous year.

Roughly one-third of housing companies' total renovation costs arose from repairs to external structures, such as external walls, roof structures, windows, street doors and balconies. Good one-fourth of the costs came from repairs to heating, plumbing and ventilation systems. Repairs to internal structures of buildings made up nearly 10 per cent of housing companies' total renovation costs. The remaining renovation costs related to outdoor areas, building foundation structures, individual dwellings, electrical systems and other reparation measures.

Renovations were made to state-subsidised rental dwellings to the value of approximately EUR 340 million. The increase from the year before amounted to 8,1 per cent. The renovations of state-subsidised rental dwelling companies are usually planned well in advance, so variations in them are smaller than in the case of housing companies. Renovations of rental buildings mainly differ from the renovation targets of housing companies so that the share of costs for repairs to individual dwellings is larger.

Value of renovations of housing corporations 2007-2008

The statistics on housing companies' renovations are based on a sample of approximately 2,300 housing companies. The statistics on state-subsidised rental dwelling companies are based on data collected from the 16 largest municipal rental housing companies as well as from some large national rental housing companies.

Source: Construction trends 2009, housing companies' renovations. Statistics Finland

Inquiries: Kaj Isaksson +358 9 1734 3633, rakennus.suhdanne@stat.fi

Director in charge: Ms Hannele Orjala

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Last updated 18.2.2010

Referencing instructions:

Official Statistics of Finland (OSF): Renovation building [e-publication].
ISSN=1799-2974. Renovations of housing corporations 2008. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/kora/2008/01/kora_2008_01_2009-10-05_tie_001_en.html