Finnish old share apartment prices have experienced a notable decrease in the third quarter of this year, according to the latest statistics. The Statistics Finland’s report on share housing prices indicates a 7.3% drop from the previous year and a 2.0% decrease from the last quarter. Concurrently, the sales volume of these apartments has dropped by 30% compared to the same period last year.
In Finland's major cities, the decrease in old share apartment prices was even more pronounced. The most significant reductions were observed in Vantaa and Espoo, with decreases of 9.3% and 9.0% respectively, compared to the previous year. In Helsinki, the prices fell by 8.1%.
Petri Kettunen, an actuary at Statistics Finland, noted that the downward trend in the prices of old apartments had slightly stabilized in September compared to both the previous month and the same period last year. This trend was particularly noticeable in the capital region, where the rate of decline in prices showed signs of slowing down.
The drop in prices was most evident in smaller apartments. In the capital region, studio and one-bedroom apartments saw price decreases of about 11% and just over 9%, respectively.
Meanwhile, the market for new share apartments continued to struggle in the third quarter. Sales were down by 60% nationwide compared to the previous year. The prices of these new apartments have decreased by 3.5% year-on-year, with a more significant reduction of 4.4% in the capital region.
Kettunen highlighted that the largest price drop was seen in new row houses across the country, which fell by 8%. There was also a notable decrease in the prices of new studio apartments, whereas the price reduction for larger apartments and family homes was less significant.
These statistics reflect ongoing shifts in the Finnish housing market, with considerable impacts on both buyers and sellers, especially in urban areas. The data underscores the current challenges in the Finnish real estate sector, particularly for those dealing with older properties and smaller living spaces.
HT
