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In a notable shift in the Finnish real estate market, prices for old condominiums across the country saw a significant decrease of 5.6% in January compared to the same month last year, with a 2.9% drop from December alone.

Statistics Finland's Senior Statistician, Anu Rämö, highlighted a slight stabilization in the rate of decline.

"The decrease in prices has moderated somewhat: over the last three months, prices have fallen by approximately 4-5% from the previous year, compared to a 7-8% decrease over more than half a year prior," Rämö explained.

The downturn was more pronounced in the capital region and other major cities, where old condominium prices fell by 6.7% year-on-year, compared to a 3.6% decrease in other parts of the country.

"Outside the major urban areas, the price drop has been more moderate, following a faster price increase in cities until the summer of 2022. However, from 2020, prices have decreased by about 6-7% across large cities, the capital region, and the rest of the country alike," Rämö stated.

Tampere and Vantaa experienced the steepest declines in old condominium prices, dropping by 10.5% and 9.6% respectively. Helsinki saw a 7.0% decrease.

Transaction volumes through real estate agents for old apartments in multi-story and row houses in January fell by 6% compared to the previous year, with a notable 14% reduction in the capital region's old condominium sales.

"The number of transactions decreased particularly in the capital region, where the sales of old condominiums were 14% less than at the same time last year," Rämö reported.

Price reductions in January were observed across the board, with apartment prices in multi-story buildings down by 5.7% and row house prices by 5.5% year-on-year, signaling a cautious period for both sellers and buyers in the Finnish housing market.

HT

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