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Published: 9 May 2008

Real prices of dwellings fell

Real prices of dwellings have now fallen for two successive quarters. According to preliminary data, in the first quarter of 2008 real prices fell by 1.0 per cent from the previous quarter in the whole country. Nominal prices went up by an average of 0.3 per cent in the whole country. Prices remained unchanged in Greater Helsinki but rose by an average of 0.5 per cent in the rest of Finland.

The prices of dwellings in old blocks of flats went up by an average of 0.6 per cent from the previous quarter in the whole country. Both in Greater Helsinki and in the rest of Finland the rise amounted to 0.6 per cent. These data derive from the statistics on the prices of dwellings compiled by Statistics Finland on the basis of the Tax Administration's data. Preliminary data comprise roughly two-thirds of completed transactions in dwellings in old blocks of flats and in terraced houses.

In Helsinki the prices of dwellings in old blocks of flats went up by 0.4 per cent, in Espoo-Kauniainen by 1.7 per cent and in Vantaa by 0.8 per cent from the previous quarter. Prices fell by 1.0 in Lahti and Jyväskylä, by 0.3 in Turku, by 1.8 in Kuopio, by 0.8 in Tampere and by 1.8 per cent in Oulu.

From the year before the prices of dwellings in old blocks of flats rose in the whole country by an average of 3.6 per cent. In Greater Helsinki, prices went up by 4.2 per cent and in the rest of Finland by 3.0 per cent. According to final data, almost the same number of dwelling transactions were completed in 2007 as in 2006, i.e. approximately 69,500.

The prices of dwellings in new blocks of flats and terraced houses went up by 1,9 per cent in the whole country in the first quarter of 2008. In Greater Helsinki prices went down by 0,7 per cent and in the rest of Finland prices went up by 3,4 per cent. The average dwelling price per square meter was 2 806 EUR for the whole country, 3 582 EUR for the Greater Helsinki and 2 498 EUR for the rest of Finland. This is the first release of the price index of new dwellings 2005=100. The data are based on the price information of the largest building contractors and estate agents.

Real price index of dwellings in old blocks of flats1 by quarter
I/1970- I/2008, 1970=100

1 The general development of consumer prices has been removed from the change in prices of dwellings.

Unencumbered average selling prices of dwellings in old blocks of flats per square metre, index figures for the 1st quarter 2008 and changes1 from the 4th quarter 2007 and the 1st quarter 2007



Region
 Average price
e/m2
2008/1
 Index2
point figure
2008/1
 Change
in index, %
2007/4-2008/1		 Change
in index, %
2007/1-2008/1		 Number of
transactions
2008/1
Whole country 2,016 150.7 0.6 3.6 8 001
Greater Helsinki 3,067 156.3 0.6 4.2 2 406
Rest of country 1,468 145.2 0.6 3.0 5 595
Uusimaa 2,866 155.5 0.5 4.0 3 044
Itä-Uusimaa 1,903 172.5 -2.6 9.7 73
Varsinais-Suomi 1,533 154.5 0.0 0.8 687
Satakunta 1,146 139.1 2.8 3.5 258
Kanta-Häme 1,409 148.4 -1.4 8.1 209
Pirkanmaa 1,811 150.1 0.3 2.9 919
Päijät-Häme 1,315 146.4 0.9 3.6 509
Kymenlaakso 1,156 151.7 3.3 9.8 379
South Karelia 1,375 133.6 -0.5 0.0 234
Etelä-Savo 1,235 151.2 6.8 6.3 223
Pohjois-Savo 1,447 144.8 -1.8 -1.8 300
Norht Karelia 1,465 150.3 3.6 2.4 133
Central Finland 1,430 129.9 -0.9 0.5 309
South Ostrobothnia 1,207 137.8 -0.4 0.8 67
Ostrobothnia 1,390 136.7 0.9 3.6 208
Central Ostrobothnia 1,243 146.6 5.6 7.9 46
North Ostrobothnia 1,431 128.0 -0.5 -0.8 137
Kainuu 1,158 133.0 2.9 11.4 86
Lapland 1,166 137.5 7.2 16.8 180
Helsinki 3 3,376 157.9 0.4 3.7 1 637
Helsinki-1 4,589 163.5 -0.2 3.4 268
Helsinki-2 3,488 159.6 0.5 4.6 763
Helsinki-3 2,623 153.3 1.4 2.9 257
Helsinki-4 2,342 144.9 0.4 2.3 349
Espoo-Kauniainen 2,543 152.2 1.7 5.2 374
Vantaa 2,097 149.6 0.8 6.1 395
Surrounding municipalities 4 1,705 148.6 0.9 4.6 515
Porvoo 2,066 168.4 -3.4 6.6 68
Tampere 2,031 152.3 -0.8 2.8 705
Turku 1,675 158.6 -0.3 -0.5 447
Pori 1,218 141.1 3.1 3.7 161
Rauma 1,203 142.6 0.0 6.6 79
Lappeenranta 1,598 140.1 -0.2 1.5 168
Kotka 1,280 163.6 3.9 10.2 170
Kouvola 1,148 145.7 2.8 11.9 118
Lahti 1,389 146.6 -1.0 2.8 402
Hämeenlinna 1,706 156.8 1.0 9.9 113
Kuopio 1,697 148.7 -1.8 -1.3 198
Jyväskylä 1,653 131.0 -1.0 -1.0 198
Vaasa 1,512 138.6 -0.2 2.1 171
Seinäjoki 1,351 141.8 1.9 2.2 42
Kokkola 1,291 152.4 6.0 8.5 44
Mikkeli 1,492 156.7 6.3 2.6 77
Joensuu 1,713 157.0 1.6 -1.7 90
Oulu 1,523 128.1 -1.8 -1.5 85
Kajaani 1,184 134.8 3.8 9.3 79
Rovaniemi 1,256 132.1 -0.3 12.9 126

1 The change per cent is calculated by using the index point figure. The change cannot be calculated direct from the average price per square meter due to differences in the structures of the data.
2 Nominal price index 2000=100
3 The division of Helsinki into regions is based on the classification of postal area codes. Precise division into regions is available on the Internet at www.tilastokeskus.fi/til/ashi/luo.html
4 Surrounding municipalities = Hyvinkää. Järvenpää. Kerava. Kirkkonummi. Nurmijärvi. Riihimäki. Sipoo. Tuusula and Vihti
.. = fewer than 20 completed transactions

Source: Prices of dwellings 2008. 1st quarter. Statistics Finland

Inquiries: Ms Paula Paavilainen +358 9 1734 339, Mr Petri Kettunen +358 9 1734 3558, asuminen.tilasto@stat.fi

Director in charge: Mr Kari Molnar

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Last updated 9.5.2008

Referencing instructions:

Official Statistics of Finland (OSF): Prices of dwellings in housing companies [e-publication].
ISSN=2323-8801. 1st quarter 2008. Helsinki: Statistics Finland [referred: 22.11.2024].
Access method: http://www.stat.fi/til/ashi/2008/01/ashi_2008_01_2008-05-09_tie_001_en.html