A summer cottage in Kemiö island / Lehtikuva


In the market for holiday homes, demand is now outpacing supply. Compared with last year, OP has seen a significant increase in both the number of loan applications and the applied loan amounts.

Owing to a mild winter, the holiday home season began unusually early, and business has been brisk despite the coronavirus crisis. In April, the number of loans applied from OP cooperative banks to purchase or build a holiday home grew by 40 per cent from last year.

There has also been increase in applied loan amounts. The average amount of holiday home loan applications this April was 90,000 euros, up from an average of 70,000 at the same time last year. Loan amounts for holiday homes have also grown faster in April compared with the start of the year.

Sales are active in holiday homes of all prices. The price range for lakeside and seaside holiday homes is between 150,000 to 350,000 euros across the country.

‘Before putting your holiday home up for sale, it is worth noting that many people will spend the summer in Finland. The market is currently suffering from a lack of supply, as demand outnumbers holiday homes for sale. Right now, buyers are even interested in holiday homes without a private beach,’ says Kaisu Christie, Director, Mortgages and Housing-related Services at OP.

In holiday home prices, Uusimaa tops the country with an average price of just over 145,000 euros in the first quarter this year. In Southwest Finland, the average price was nearly as high at 137,000 euros. Holiday homes in Pirkanmaa were more affordable at 86,000 euros on average. In South Savo, holiday home prices rose by as much as 40 per cent from last year to an average of 106,000 euros between January and March.

‘The spring is the peak season for holiday home sales. Still, it is not too late to put up your holiday home for sale. With the travel restrictions on the Uusimaa region lifted, sales of holiday homes have been revitalised. This year, the season kicked off earlier than usual, and though temporarily slowed by the coronavirus, sales are now in full swing,’ Christie says.

‘Many buyers are also looking for a holiday home to serve as a base for working remotely. The typical buyer is aged between 40 and 44 and at the midpoint of their career. Somewhat surprisingly, the share of young buyers between ages 25 to 29 has also increased. Right now, it appears that young people are again interested in holiday homes,’ Christie suggests.

Sales of holiday homes via OP Koti increased by 30 per cent between January and April compared to last year.