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Published: 27 January 2012

Prices of dwellings fell in December

According to Statistics Finland’s preliminary data, prices of old dwellings in blocks of flats and terraced houses fell by 1.3 per cent in the whole country in December 2011 compared with the previous month. In Greater Helsinki prices fell by 2.6 per cent and in the rest of Finland by 0.2 per cent.

Compared with December 2010, prices rose by 0.4 per cent in the whole country. In Greater Helsinki prices remained unchanged and in the rest of the country they rose by 0.7 per cent.

Development of prices of old dwellings by month, index 2010=100

In December 2011, the average price per square metre of an old dwelling in a housing company was EUR 2,048 in the whole country, EUR 3,187 in Greater Helsinki and EUR 1,601 elsewhere in the country.

When the monthly statistics on prices of dwellings are published they cover approximately 40 per cent of all transactions made in the latest statistical month. The monthly data become revised during the following months so that the final data for the year are published in the release concerning the first quarter of the following year. The base year of the monthly index is 2010.

Data by area starting from 2010 are available in the StatFin service: http://pxnet2.stat.fi/PXWeb/pxweb/fi/StatFin/StatFin__Asu__ashi/?tablelist=true in Finnish only.

Prices of dwellings in the fourth quarter

In the fourth quarter of 2011, prices of old dwellings fell in the whole country by 1.4 per cent from the previous quarter. In Greater Helsinki the fall amounted to 1.3 per cent and in the rest of Finland to 1.4 per cent. Compared with the corresponding period of 2010, prices went up by 1.0 per cent. In Greater Helsinki prices rose by 1.6 per cent and in the rest of the country by 0.6 per cent.

Development of prices of old dwellings, index 2005=100

In the fourth quarter of 2011, the average price per square metre of an old dwelling in a housing company was EUR 2,162 in the whole country, EUR 3,347 in Greater Helsinki and EUR 1,628 elsewhere in the country.

Compared with the previous quarter, prices of dwellings in new blocks of flats and terraced houses fell by 2.5 per cent in the whole country. In Greater Helsinki prices went down by 6.6 per cent and in the rest of the country prices remained almost unchanged.

Compared with the corresponding period of 2010, prices of new dwellings rose by 1.8 per cent in the whole country. In Greater Helsinki prices went down by 5.4 per cent, while in the rest of Finland they rose by 5.9 per cent. The average price per square metre of new dwellings was EUR 3,167 in the whole country, EUR 4,177 in Greater Helsinki and EUR 2,804 in the rest of Finland.

According to preliminary data, prices of old dwellings in blocks of flats and terraced houses went up by 2.7 per cent from the previous year in the whole of 2011. In Greater Helsinki prices went up by 3.3 per cent and in the rest of the country by 2.2 per cent. In 2011 the average price per square metre was EUR 2,179 in the whole country, EUR 3,358 in Greater Helsinki and EUR 1,648 elsewhere in Finland. Final data on the prices of old dwellings in 2011 will be published on 27 April 2012.

In 2011 prices of new dwellings in blocks of flats and terraced houses rose by 4.8 per cent. In Greater Helsinki prices went up by 3.2 per cent and in the rest of the country by 5.7 per cent compared with the previous year. In the whole country the average price of a new dwelling was EUR 3,169, in Greater Helsinki EUR 4,280 and elsewhere in Finland EUR 2,770.

The deviations between the results of the monthly and quarterly statistics are caused by that the monthly statistics are produced with a less detailed regional division and the monthly statistics have a different weight structure than the quarterly statistics. The base year of the quarterly index is 2005.

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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Reviews

• 1. Prices of dwellings in blocks of flats fell in the October to December period (27.1.2012)
• 2. Prices of old dwellings in terraced houses fell in the October to December period (27.1.2012)
• 3. Changes in prices of dwellings and in earnings level (27.1.2012)
• 4. House price development elsewhere (27.1.2012)

Tables

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• Database tables and their variables
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Appendix tables

• Appendix table 1. Unencumbered average prices per square metre of old dwellings in housing companies, December 2011 (27.1.2012)
• Appendix table 2. Unencumbered average prices per square metre of blocks of flat, December 2011 (27.1.2012)
• Appendix table 3. Unencumbered average prices per square metre of terraced houses, December 2011 (27.1.2012)
• Appendix table 4. Unencumbered average prices per square metre of old dwellings in housing companies, November 2011 (27.1.2012)
• Appendix table 5. Unencumbered average prices per square metre of old dwellings in housing companies, October 2011 (27.1.2012)

Figures

• Appendix figure 1. Average prices per square meter of dwellings in old blocks of flats (27.1.2012)
• Appendix figure 2. Average prices per square meter of dwellings in old terraced houses (27.1.2012)
• Appendix figure 3. Price development of old and new dwellings from 2005 (27.1.2012)
• Appendix figure 4. Changes in prices of dwellings in major cities,4th quarter 2011 (27.1.2012)
• Appendix figure 5. Real Price Index of dwellings in old blocks of flat 1970=100 (27.1.2012)

Quality descriptions

• Quality Description (27.1.2012)

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Updated 27.1.2012