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4. House price development elsewhere

In Sweden prices of dwellings (detached and terraced houses included) rose by an average of 3.0 per cent in the first quarter of 2011 compared with the corresponding quarter of 2010. Prices went down by 1.0 per cent from the last quarter of 2010. In the area of Greater Stockholm prices rose by 3.0 per cent from the previous year. From the previous quarter, prices remained unchanged. In Sweden in general, the average price of a dwelling was SEK 2.13 million (EUR 239,100) and in the Greater Stockholm area SEK 3.71 million (EUR 415,540). Since 2005 prices of dwellings have risen by 40 per cent in Sweden and good six percentage points more in the Greater Stockholm area than in the whole country. These figures derive from data provided by Statistics Sweden.

According to Statistics Norway, dwelling prices rose by an average of 8.4 per cent in the first quarter of 2011 from the year before. Prices of dwellings in blocks of flats went up by 9.7 per cent, those in terraced houses by 9.0 per cent and prices of detached houses rose by 7.5 per cent compared with the corresponding period of 2010. Compared with the previous quarter, prices of dwellings in blocks of flats rose by 5.7 per cent and those in terraced and detached houses by 5.0 per cent. In Oslo, the average price per square metre of a dwelling in a terraced house was NOK 38,461 (EUR 4,954) and in a block of flats NOK 45,815 (EUR 5,901). In Norway, dwelling prices have gone up by around 48 per cent since 2005.

In Germany prices of old dwellings rose by 2.0 per cent in the first quarter of 2011 from the year before. From the previous quarter prices have went down by 0.9 per cent, on average. Since 2005, prices of old dwellings have fallen by 0.2 per cent. In the first quarter of 2011, the average price per square metre of an old dwelling was EUR 1,639 and that of a new one EUR 1,876. Prices of new dwellings have fallen in a year by 3.7 per cent and from the previous quarter by 1.0 per cent. Since 2005, prices of new dwellings have risen by 8.3 per cent, on average. These data appear from the calculations of Hypoport AG.

In Great Britain prices of dwellings rose by 4.3 per cent in the last quarter of 2010 and in London by 8.0 per cent from the previous year. From the third quarter of 2010, prices fell by 1.8 per cent in the whole of Great Britain and by 1.3 per cent in London. In the whole country, dwellings cost an average of GBP 164,700 (EUR 189,710) and in London GBP 341,480 (EUR 398,970). In Great Britain, dwelling prices have risen by 15.4 per cent and in London by 28.8 per cent since 2005. The data are based on those available from the Office for National Statistics and Land Registry.

In France, prices of old dwellings in blocks of flats and terraced houses went up by 4.6 per cent in the first quarter of 2011 compared with the corresponding period of 2010. From the previous quarter, prices rose by 1.9 per cent. The average prices per square metre of dwellings in blocks of flats and terraced houses were EUR 7,760 in Paris, EUR 3,200 in Lyon and EUR 3,000 in Marseilles. Since 2005, prices of dwellings have risen by an average of 7.2 per cent. These data derive from the most recent publication by Fédération Nationale de l'Immobilier (FNAIM).

In Spain, the prices of old dwellings fell by 1.6 per cent in the last quarter of 2010 compared with the corresponding period of the year before. Compared with the previous quarter, prices rose by 0.3 per cent. Prices of new dwellings fell by 2.1 from the year before and by 0.4 per cent from the third quarter of 2010. From 2007 prices of old dwellings have fallen by an average of 16.2 per cent and those of new ones by 3.6 per cent. These figures derive from data provided by the National Statistics Institute of Spain.

According to the Central Statistics Office, prices of dwellings in Ireland went down by 10.8 per cent in the last quarter of 2010 compared with the corresponding quarter of the previous year. From the previous quarter, prices went down by 3.5 per cent. The price of a dwelling in Ireland is EUR 191,780, on average. Dwelling prices in Ireland have gone down by 25.3 per cent since 2005.

According to data collected by the Bank of Greece, prices of old dwellings have fallen by 4.0 per cent in the last quarter of 2010 from the previous year. From the previous quarter, prices remained nearly unchanged. Prices of old dwellings in Athens decreased by 4.0 per cent from the year before and by 0.3 per cent from the previous quarter. Prices of new dwellings went down by 8.1 from the year before and by 2.4 per cent from the previous quarter. Prices of new dwellings in Athens have fallen by 3.7 per cent from the year before and by 0.7 per cent from the previous quarter. Since 2005, prices of dwellings in Athens have risen by 11.9 per cent.

According to the Federal State Statistics Service of Russia, prices of old dwellings went up by 13.4 per cent in the last quarter of 2010 from the previous year and by 0.9 per cent from the previous quarter. Prices of new dwellings decreased by 0.9 per cent from the year before and by 0.2 per cent from the previous quarter. The average price per square metre of an old dwelling was EUR 1,468 and that of a new one EUR 1,192. Since 2005, prices of old dwellings have quadrupled and those of new dwellings doubled in Russian urban areas.

In Estonia prices of dwellings have gone up by 4.0 per cent in the last quarter of 2010 from the previous year. From the previous quarter, prices increased by 3.2 per cent. In Tallinn prices rose by 13.4 per cent year-on-year. From the previous quarter, prices went up by 4.8 per cent. In Estonia the average price per square metre of a dwelling was EUR 653 and in Tallinn EUR 949. In Estonia, dwelling prices have gone up by an average of 12.8 per cent since 2005. These figures derive from data provided by Statistics Estonia.

According to the Federal Housing Finance Agency, dwelling prices in the USA fell by 3.9 per cent in the last quarter of 2010 compared with the corresponding period of 2009. From July to September 2010, prices went down by 0.8 per cent, on average. Over the year prices declined in 47 states; most in Idaho, by 15.8 per cent. Prices rose fastest in North Dakota, by 5.1 per cent. Since 2005, dwelling prices have gone down by an average of 8.4 per cent in the USA.

The compilation of statistics on dwelling prices is currently being developed in several EU countries. The above data have been collected from a number of sources. They are not necessarily mutually comparable or comparable with data compiled on Finland. The currency rate published on 19 April 2011 was used in the currency conversions.

Source: Prices of Dwellings, Statistics Finland

Inquiries: Petri Kettunen (09) 1734 3558, Johanna Leivo (09) 1734 3397, asuminen.tilasto@stat.fi

Director in charge: Kari Molnar

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Updated 28.4.2011