Old house price increases in Helsinki, decreases in other parts

Prices of old dwellings in housing companies rose by just under one per cent in Greater Helsinki in June this year compared to June 2019 and decreased by four per cent in the rest of Finland, according to Statistics Finland.

Compared with May, prices remained unchanged in the whole country. Based on transactions made through real estate agents, the number of transactions of old dwellings in housing companies was unchanged in June compared to the corresponding period the previous year.

Of regions, prices of old dwellings in housing companies rose only in Uusimaa in the second quarter compared with the corresponding period last year.

According to preliminary data, prices of old dwellings in housing companies rose by around two per cent in Greater Helsinki in the second quarter of 2020 from the corresponding quarter of the year before.

Prices decreased by nearly three per cent elsewhere in Finland. Compared with the previous quarter, prices went up by 1.4 per cent in Greater Helsinki and fell by 0.6 per cent in the rest of Finland.

Examined by region, prices rose in the second quarter only in Uusimaa, by around one per cent, compared with the corresponding period last year. In the second quarter, prices were on level with the previous year in Pirkanmaa and Southwest Finland. Compared with the year before, prices fell most in Central Ostrobothnia, Päijät-Häme and South Savo.

The price development of old dwellings in housing companies remained stable in large towns in the second quarter.

Prices rose most clearly compared with the corresponding period of the previous year in Turku and Helsinki. The average price per square metre of a one-bedroom dwelling in an old block of flats was EUR 7,735 in the centre of Helsinki and EUR 3,452 in the centre of Turku in the second quarter of the year.

Prices of old dwellings in housing companies in different parts of the country have fallen in recent years, but account has to be taken of differences between areas and inside towns in price development and price levels.

For example, prices of old dwellings in housing companies in Jyväskylä have gone down by around nine per cent from 2015. In the centre area of Jyväskylä prices have gone down by around two per cent, while farther from the centre they have gone down by over 15 per cent. Differences in price development are large also inside Helsinki, for example.

In the second quarter of 2020, prices of new dwellings in housing companies rose by around two per cent in Greater Helsinki and by five per cent elsewhere in Finland, compared with the corresponding period last year. Compared to the previous quarter, prices of new dwellings rose in Greater Helsinki by one per cent and remained unchanged elsewhere in Finland.