The apartment building in Meilahti has been ready for almost a year, but only a few apartments have been occupied.
Helsinki in the value area, a fiery apartment building has been standing almost empty for almost a year.
The red, gabled residential building was completed in Meilahti in March 2023.
As of the beginning of the week, 45 of the 52 apartments were still vacant.
It is a writer's quarter, which consists of three apartment buildings named after the writer: Kivi, Linna and Waltari.
The three apartment buildings have been built one after the other, about six months apart. Kivi was finished first, then Linna, and lastly it was Waltari's turn. Apartments in Kive and Linna have done slightly better than in Waltari.
There are only five apartments available in Linna and seven in Kive
Why aren't the new apartments in the inner city of Helsinki selling?
The new ones and the price differences of old apartments have grown by about 10-15 percent in the last couple of years, says Nordea's economist Juho Kostiainen. According to him, the price gap is one of the biggest reasons why new apartments are not being sold.
“New apartments are absolutely expensive, and they have relatively become more expensive when the prices of old apartments have fallen”, says Kostiainen on a general level about the market situation.
Construction companies have been tight-fisted to drop the list prices of their new properties directly.
Instead, new destinations have been combined with various offers on, for example, food, a car benefit or discounts on exchange rates.
Price gap can also be seen in Taka-Töölö. More than 200,000 euros more than the old ones are being asked for the new one-bedroom apartment.
The debt-free square meters of new two-bedroom apartments are around 10,100–12,800 euros, YIT's website says.
The Oikotie data obtained by HS shows that in October–December the average price per square meter of old duplexes in good condition was 7,146 euros in the corresponding zip code area. It's about price requests.
For example, a debt-free 507,000 euros was asked for a new 43-square-meter duplex with sauna and balcony located on the fourth floor. Apartments on the upper floor cost even more. If you want to claim the plot for yourself, the price will add a good 72,000 euros more.
Based on the average square footage prices in Oikotie, a good 307,000 euros would have been asked for an old duplex of the same size in the same area last fall.
The same Old apartments classified as in good condition in the same price range and size range are for sale even now.
The comparison should be treated with caution. There is typically a difference in the prices of old and new apartments. In addition to location and condition, the price can also be affected by many other things that cannot be fully taken into account in the example calculation.
Writers' Quarter is a rare object, reports the construction company YIT. In the densely built inner-city area, new production is mainly achieved through additional construction.
Director of YIT's housing in Southern Finland division Harri Isoviita does not comment on the price of apartments, marketing or the market, as the listed company has a quiet period due to the upcoming earnings announcement.
The apartments have glazed balconies, and some also have saunas. A shortcut search shows that these are rarely available in the zip code area in question (00250).
According to Isoviida, it is an architecturally distinctive property with a peaceful courtyard.
Waltari's sales started at the beginning of 2022.
Correction 25.1. 8:26 p.m.: The writer's block is located in Meilahti, not in Taka-Töölö, as was stated earlier in the article.
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