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Published: 27 April 2012

Prices of dwellings rose slightly in March

According to Statistics Finland’s preliminary data, prices of old dwellings in blocks of flats and terraced houses went up by 0.2 per cent in the whole country in March compared with the previous month. In Greater Helsinki prices fell by 0.3 per cent, while in the rest of the country prices went up by 0.7 per cent.

Compared with the corresponding period of the previous year, prices rose by 0.2 per cent in the whole country. In Greater Helsinki prices went up by 1.2 per cent, while in the rest of the country prices went down by 0.6 per cent.

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

In March 2012, the average price per square metre of an old dwelling in a housing company was EUR 2,074 in the whole country, EUR 3,264 in Greater Helsinki and EUR 1,608 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 first quarter

In the first quarter of 2012, prices of old dwellings rose in the whole country by 1.2 per cent from the previous quarter. In Greater Helsinki the growth amounted to 1.6 per cent and in the rest of Finland to 0.9 per cent. Compared with the corresponding period of 2011, prices went up by 0.9 per cent. In Greater Helsinki prices rose by 1.8 per cent and in the rest of the country they remained nearly unchanged.

Development of prices of old dwellings, index 2005=100

In the first quarter of 2012, the average price per square metre of an old dwelling in a housing company was EUR 2,196 in the whole country, EUR 3,410 in Greater Helsinki and EUR 1,649 elsewhere in the country.

Prices of new dwellings in blocks of flats and terraced houses rose by 2.5 per cent in the whole country from the previous quarter. In Greater Helsinki prices went up by 9.9 per cent, while in the rest of the country prices went down by 1.3 per cent.

Compared with the corresponding period of the year before, prices of new dwellings rose by 5.3 per cent in the whole country. In Greater Helsinki the growth amounted to 5.0 per cent and in the rest of Finland to 5.4 per cent. The average price per square metre of new dwellings was EUR 3,280 in the whole country, EUR 4,468 in Greater Helsinki and EUR 2,853 in the rest of Finland.

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.

Annual statistics for 2011

In 2011, around 72,000 transactions of old dwellings in housing corporations were completed in the whole country. The number of transactions decreased by 2.6 per cent in the whole country from the previous year. The number of transactions went down by 3.3 per cent in Greater Helsinki and by 2.4 per cent in the rest of the country. Last year, the average price per square metre of old dwellings in housing companies was EUR 2,179 in the whole country, EUR 3,355 in Greater Helsinki and EUR 1,648 elsewhere in the country. From 2010, prices of old dwellings in housing companies rose by 2.7 per cent in the whole country. In Greater Helsinki prices went up by 3.3 per cent and in the rest of Finland by 2.2 per cent.

Last year, the total sum of housing transactions was good EUR 10.0 billion, which was about EUR four million less than in 2010. Slightly over one third of the transactions in the whole country were made in the region of Uusimaa and their value was nearly one half of the total sum.

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 rose in January to March (27.4.2012)
• 2. Prices of old dwellings in terraced houses rose slightly in January to March (27.4.2012)
• 3. Changes in prices of dwellings and in earnings level (27.4.2012)
• 4. House price development elsewhere (27.4.2012)

Tables

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Appendix tables

• Appendix table 1. Unencumbered average prices per square metre of old dwellings in housing companies, March 2012 (27.4.2012)
• Appendix table 2. Unencumbered average prices per square metre of blocks of flat, March 2012 (27.4.2012)
• Appendix table 3. Unencumbered average prices per square metre of terraced houses, March 2012 (27.4.2012)
• Appendix table 4. Unencumbered average prices per square metre of old dwellings in housing companies, February 2012 (27.4.2012)
• Appendix table 5. Unencumbered average prices per square metre of old dwellings in housing companies, January 2012 (27.4.2012)

Figures

• Appendix figure 1. Average prices per square meter of dwellings in old blocks of flats (27.4.2012)
• Appendix figure 2. Average prices per square meter of dwellings in old terraced houses (27.4.2012)
• Appendix figure 3. Price development of old and new dwellings from 2005 (27.4.2012)
• Appendix figure 4. Changes in prices of dwellings in major cities, 1st quarter 2012 (27.4.2012)
• Appendix figure 5. Real Price Index of dwellings in old blocks of flat 1970=100 (27.4.2012)

Quality descriptions

• Quality Description (27.4.2012)

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Updated 27.4.2012