Prices of old dwellings slide, new ones rise

The prices charged by housing companies for old dwellings fell by 0.3 per cent in the first quarter of 2017 from that in the previous quarter, according to the preliminary data of Statistics Finland.

The prices went down by 0.1 per cent in the Greater Helsinki and by 0.5 per cent in the rest of Finland.

Compared to the corresponding period of 2016, the prices rose by 0.4 per cent in the whole country. In the Greater Helsinki, they went up by 2.5 per cent, while in the rest of Finland they went down by 1.4 per cent.

In January to March, the average price per square metre of an old dwelling in a housing company was EUR 2,306 in the whole country, EUR 3,686 in the Greater Helsinki, and EUR 1,688 elsewhere in the country.

The prices of new dwellings in blocks of flats and terraced houses grew by 4.9 per cent in January-March 2017 in the whole country compared to that in the previous quarter. In the Greater Helsinki, the prices rose by 5.9 per cent and in the rest of the country by 4.3 per cent.

Compared to the same period in 2016, the prices of new units in housing companies rose by 5.4 per cent in the whole country. They went up by 10.4 per cent in the Greater Helsinki and by 2.7 per cent in the rest of Finland. The average price per square metre of new units in housing companies was EUR 3,720 in the whole country, EUR 5,108 in the Greater Helsinki, and EUR 3,230 in the rest of the country.

The information on old dwellings derives from the statistics on the prices of dwellings in housing companies compiled by Statistics Finland from the Tax Administration’s data.

The preliminary data covers roughly two-thirds of completed transactions in old dwellings in blocks of flats and terraced houses. The data on new dwellings in blocks of flats are based on information on the transaction prices of the largest building contractors and estate agents.