Home > Statistics > Prices of dwellings in housing companies > 2008 > 4th quarter > Fall in prices of dwellings accelerated in the last quarter

Published: 30 January 2009

Fall in prices of dwellings accelerated in the last quarter

According to preliminary data, the fall in the prices of dwellings in old blocks of flats and in terraced houses accelerated in the last quarter of 2008. Compared to the previous quarter, dwelling prices fell by 3.8 per cent in the whole country, by 3.5 per cent in Greater Helsinki and by 4.0 per cent elsewhere in the country. The number of dwelling transactions diminished clearly toward the end of the year. Compared to the corresponding period of the year before, the number of transactions fell by 40 per cent in the whole country and by some 50 per cent in Greater Helsinki.

Compared to the previous quarter, the prices of dwellings in old blocks of flats fell by an average of 4.0 per cent in the whole country, by 4.3 per cent in Greater Helsinki and by 3.8 per cent in the rest of Finland. These data derive from the statistics on the prices of dwellings compiled by Statistics Finland on the basis of the Tax Administration's data. The 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 fell by 3.8 per cent, in Espoo-Kauniainen by 6.2 per cent and in Vantaa by 5.2 per cent. In Tampere the prices fell by 4.7 per cent, in Oulu by 4.4 per cent, in Turku by 3.7 per cent, in Kuopio by 4.9 per cent, in Lahti by 3.5 per cent and in Jyväskylä by 1.7 per cent from the previous quarter.

In the last quarter of 2008, the prices of dwellings in new blocks of flats and terraced houses fell by 3.0 per cent from the previous quarter in the whole country. In Greater Helsinki the prices fell by 5.3 per cent and in the rest of Finland by 1.7 per cent. The average price per square metre of new dwellings was EUR 2,726 in the whole country, EUR 3,458 in Greater Helsinki and EUR 2,436 in the rest of Finland. The number of transactions reported to the statistics on prices of dwellings fell by around 50 per cent from the previous quarter. 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-IV/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 4th quarter 2008 and changes¹ from the 3rd quarter 2008 and the 4th quarter 2007. The data are preliminary.

Region	Average price EUR/m2 2008/4	Index2 point figure 2008/4	Change in index, % 2008/3-2008/4	Change in index, % 2007/4-2008/4	Number of transactions 2008/4
Whole country	1,943	144.9	-4.0	-3.3	4,791
Greater Helsinki region	2,929	149.7	-4.3	-3.6	1,372
Rest of Finland	1,429	140.2	-3.8	-2.9	3,419
Uusimaa	2,747	149.3	-4.2	-3.5	1,705
Itä-Uusimaa	1,767	156.6	-3.4	-11.6	53
Varsinais-Suomi	1,472	148.9	-4.5	-3.7	486
Satakunta	1,141	135.5	-3.0	0.2	171
Kanta-Häme	1,379	141.4	-2.9	-6.1	123
Pirkanmaa	1,727	143.5	-5.2	-4.2	526
Päijät-Häme	1,325	140.1	-2.2	-3.5	250
Kymenlaakso	1,112	145.5	0.2	-0.9	223
South Karelia	1,379	134.1	-4.2	-0.1	128
Etelä-Savo	1,180	142.6	-1.5	0.7	129
Pohjois-Savo	1,458	139.7	-4.7	-5.2	122
North Karelia	1,439	148.6	-7.2	2.4	100
Central Finland	1,396	128.6	-0.9	-1.9	218
South Ostrobothnia	1,173	136.5	-5.6	-1.3	42
Ostrobothnia	1,425	141.3	1.9	4.2	96
Central Ostrobothnia	1,151	150.7	-3.9	8.5	32
North Ostrobothnia	1,364	121.1	-4.3	-5.9	216
Kainuu	1,037	121.5	-10.6	-6.0	60
Lapland	1,104	122.8	-9.8	-4.4	111
Helsinki 3	3,224	152.0	-3.8	-3.4	906
Helsinki-1	4,494	158.4	-3.5	-3.3	154
Helsinki-2	3,288	153.0	-3.7	-3.7	443
Helsinki-3	2,496	146.3	-4.3	-3.3	147
Helsinki-4	2,208	140.3	-4.3	-2.7	162
Espoo-Kauniainen	2,436	143.2	-6.2	-4.3	231
Vantaa	1,992	141.5	-5.2	-4.6	235
Satellite municipalities	1,710	145.9	-1.9	-1.0	260
Porvoo	1,989	156.8	-4.4	-10.0	50
Tampere	1,959	147.1	-4.7	-4.2	377
Turku	1,616	152.3	-3.7	-4.3	298
Pori	1,230	138.8	-3.6	1.4	87
Rauma	1,153	137.3	-0.2	-3.7	53
Lappeenranta	1,585	139.8	-4.0	-0.3	90
Kotka	1,238	157.9	-1.4	0.3	112
Kouvola	1,076	136.8	-5.4	-3.5	65
Lahti	1,411	140.1	-3.5	-5.4	193
Hämeenlinna	1,701	149.9	-2.1	-3.4	71
Kuopio	1,698	139.1	-4.9	-8.1	59
Jyväskylä	1,637	130.2	-1.7	-1.6	132
Vaasa	1,570	141.5	-1.1	1.9	71
Seinäjoki	1,244	137.6	-5.5	-1.1	29
Kokkola	1,192	157.0	-4.2	9.2	26
Mikkeli	1,458	147.1	-1.4	-0.2	55
Joensuu	1,707	156.3	-8.5	1.2	67
Oulu	1,442	121.7	-4.4	-6.7	176
Kajaani	1,071	124.6	-7.4	-4.0	44
Rovaniemi	1,292	129.7	-3.9	-2.1	65

¹ The change percentage is calculated by using the index point figure. The change cannot be calculated direct from the average price per square metre due to structural differences in the data.
² Nominal price index 2000=100
³ The division of Helsinki into regions is based on the classification of postal code areas. 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, 4th quarter. Statistics Finland

Inquiries: Ms Paula Paavilainen +358 9 1734 3397, Mr Petri Kettunen +358 9 1734 3558, asuminen.tilasto@stat.fi

Director in charge: Mr Kari Molnar

Prices of dwellings in housing companies 2008, 4th quarter (pdf 915.1 kB)

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Last updated 30.1.2009