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1. Prices of dwellings in blocks of flats fell in the October to December period

According to preliminary data, prices of old dwellings in blocks of flats went up by an average of 1.1 per cent in the whole country compared with the previous quarter. In Greater Helsinki prices went down by 0.4 per cent and in the rest of the country by 1.8 per cent. Compared with the corresponding quarter of the year before, prices increased by 1.8 per cent in the whole country. In Greater Helsinki prices rose by 3.4 per cent and in the rest of the country they remained nearly unchanged.

Figure 1. Quarter-on-quarter changes in prices of dwellings in old blocks of flats

Viewed by type of apartment, prices of one-room flats fell most from the previous quarter in the rest of the country. In the rest of the country prices went down by 3.2 per cent and in Greater Helsinki prices remained almost unchanged. Over the same period, prices of two-room flats fell by 0.3 per cent in Greater Helsinki and by 0.9 per cent in the rest of the country. Prices of three-room and larger flats went down by 0.5 per cent in Greater Helsinki and by 2.2 per cent in the rest of the country compared with the previous quarter.

In the fourth quarter of 2011, the average price per square metre of an old dwelling in a block of flats was EUR 2,250 in the whole country, EUR 3,430 in Greater Helsinki and EUR 1,597 elsewhere in the country. These data derive from the statistics on the prices of dwellings compiled by Statistics Finland from the Tax Administration’s data. The preliminary data comprise roughly two-thirds of completed transactions in old dwellings in blocks of flats and terraced houses.

Prices of new dwellings in blocks of flats fell by 4.4 per cent in the whole country from the previous quarter. Prices went down by 8.7 per cent in Greater Helsinki and by 1.3 per cent in the rest of Finland. Prices fell by most in Eastern Finland, by 9.7 per cent. In Western Finland prices rose by 3.9 per cent and in Northern Finland by 1.4 per cent. Compared with the corresponding period of the year before, prices of new dwellings in blocks of flats remained more or less unchanged in the whole country. In Greater Helsinki prices went down by 7.8 per cent, while in the rest of Finland they went up by 5.9 per cent. Prices rose by most in Western Finland, by 9.7 per cent. Prices fell by 3.8 per cent in Eastern Finland.

In the last quarter of 2011, the average price per square metre of a new dwelling in a block of flats was EUR 3,446 in the whole country, EUR 4,357 in Greater Helsinki and EUR 3,021 elsewhere in the country. The data are based on the transaction price information of the largest building contractors and estate agents.

According to preliminary data, prices of dwellings in old blocks of flats went up in 2011 by an average of 3.3 per cent in the whole country from the previous year. In Greater Helsinki the rise amounted to 4.3 per cent and in the rest of the country to 2.3 per cent. In Greater Helsinki the price per square metre of an old dwelling in a block of flats was EUR 3,433 and in the rest of Finland EUR 1,618. In 2011, the price per square metre of a new dwelling in a block of flats was EUR 4,553 in Greater Helsinki and EUR 3,001 elsewhere in the country. Compared with the previous year, prices of dwellings in new blocks of flats rose in the whole country by 4.5 per cent. In Greater Helsinki, prices went up by 2.4 per cent and in the rest of the country by 5.9 per cent.

Source: Prices of Dwellings, Statistics Finland

Inquiries: Petri Kettunen (09) 1734 3558, Tomi Martikainen (09) 1734 3632, asuminen.tilasto@stat.fi

Director in charge: Kari Molnar

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Updated 27.1.2012