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Prices of dwellings

Information
Description and Concepts

The service contains data on the prices per square metre of sold old dwellings in housing companies and single-family houses, changes in prices and numbers of transactions. The key variables of the data content are

Price per square metre of dwellings sold
Nominal price index and real price index
Annual and quarterly changes in the nominal price index and the real price index
Number of dwellings sold
Distribution data of prices per square metre

Data on old single-family houses also include the floor area of the dwellings sold.

Source of data

The data on old dwellings in housing companies are based on the Tax Administration’s asset transfer tax statements and the data on old single-family houses on the National Land Survey's purchase price register.

How do prices of dwellings develop in different parts of Finland? Are dwellings getting sold?

The development of the housing market in different parts of Finland can be examined on the basis of transaction data on old dwellings in housing companies and on single-family houses.

The statistical data in the service describe the unencumbered prices per square metre of dwellings in housing companies and single-family houses and changes in them. In addition, the data on the numbers of transactions can depict the activeness of transactions in different areas.

The service includes longer time series than previously published on the prices per square metre of old dwellings in housing companies and numbers of transactions. The data on the prices per square metre and numbers of transactions extend to 1990 and they are available on the level of the whole country, Greater Helsinki and the rest of Finland, and by region, municipality and postal code area. Data on the price development of regions without regional centres also bring a different view to the monitoring of regional housing markets (price index 2015=100).

Data are available on old single-family houses with the division of major regions and the population classification until 2010.

The latest data on the prices of old dwellings in housing companies include only around 60 per cent of all transactions. The data become revised during the following months so that the final data for the year are published in May of the following year. It is not recommended to use the latest data on the number of transactions for describing the activeness of trading. Data on old single-family houses do not get revised.

The prices per square metre change in a different way than the price index, because the price index takes account of the characteristics of dwellings sold at different periods (e.g. year of completion, floor area and location) and their price effects. On the basis of the price index, it is possible to follow the change in dwelling prices compared to different periods, that is, how much more or less a typical dwelling costs now than earlier. The price per square metre gives a picture of the area’s price level.

Concepts

Dwelling: A dwelling refers to a room or a suite of rooms which is intended for year-round habitation; is furnished with a kitchen, kitchenette or cooking area; and has a floor area of at least 7 square metres. Every dwelling must have its own entrance. A single-family house may be entered through an enclosed porch or veranda. If a dwelling is entered through the premises of another dwelling, it is not regarded as a separate dwelling but instead those two constitute one dwelling.
Floor area: The floor area of a dwelling is measured from the inner surfaces of its walls. The figure includes the floor areas of the utility room, walk-in cupboard, bathroom, hobby room, sauna, washroom and dressing room, as well as the floor areas of rooms used for working unless used by hired employees.
New dwelling: A new dwelling is completed in the statistical reference year or the year before it.
Nominal price index: Describes the change in prices relative to the base time period of the index (cf. real price index).
Number of rooms: The number of rooms is the number of rooms in a dwelling. Kitchen is not counted as a room. Dwellings with at least three rooms belong to the category 3h+.
Number of transactions: Describes the recorded number of transactions made on dwellings in the area. The data on numbers of old dwellings in housing companies will become revised in the following releases so that the final data for the year are published in the release concerning the first quarter of the following year. The number of transactions also include transactions of price controlled HITAS dwellings and Housing Finance and Development Centre ARA dwellings in the area not included in the price indices and prices per square metre.; Data on old single-family houses do not get revised. The statistics on old single family houses do not include single-family houses on rented plots.
Old dwelling: Old dwellings are other than new or unknown dwellings. (Unknown are those dwellings whose year of construction is not known.) (Cf. new dwelling.)
Point figure: Point figure is a change quantity used in price indices, which expresses the price, average price or index of the comparison period relative to the price, average price or index of the base period. The point figure of the base period is usually denoted by the number hundred. For example, if the point figure for a commodity at a certain point in time is 105.3, it means that the price of that commodity has risen by 5.3 per cent from the base period.
Price per square metre for a dwelling: The dwelling price statistics utilise the unencumbered price per square metre, which means that the loan portion is included in the price. The price concept published is price per square metre (€/m2).
Real estate: A real estate is a unit of ownership in a land or water area with a specific code entered in the Tax Administration’s real estate register. The real estate includes the buildings and fixtures located there and owned by the owner of the real estate.
Real price index: Indicates the change in real prices compared with the index base time period (e.g. 2000, 1983 or 1970). The real price index is derived by dividing the point figure of the nominal price index with the point figure of the Consumer Price Index of the corresponding time period and base year.
Single-family house real estate: A real property whose use purpose is a residential building area and which has only housing buildings and ancillary buildings, and it is not located in the shore plan area. If the real estate is in a building plan or town plan area it is also required that the nature of the plan is a residential building or detached house area.
Single-family house plot: A real property whose use purpose is a residential building area and that has no buildings. The real estate is not situated in a shore plan area either. If the real estate is in a town plan area it is also required that the nature of the plan is a residential detached house area.
Type of building: A classification for different types of dwellings. For example, blocks of flats, attached houses, detached houses. The dwelling price statistics utilise the categories blocks of flats and attached houses. The data on attached houses also include detached houses with shares in a housing corporation.
Type of financing: A classification describing the financing source of a dwelling or real estate.; A government-subsidised dwelling is a dwelling produced with government ARAVA loans, in which the rent is determined by the cost correlation principle. Most of government-subsidised dwellings are owned by municipalities.; Non-subsidised dwellings are other than government-subsidised dwellings.