Housing trade|The housing market is about a fifth lower than before the corona pandemic, says an expert.
The old ones share housing prices remained unchanged in July compared to June, says Statistics Finland advance information.
In the whole country, the prices of old shared apartments fell by 2.6 percent in July from the previous year.
In the six largest cities, prices fell by 3.6 percent compared to a year earlier. The decline was greatest in Tampere and Helsinki, where prices fell by almost 5 percent. Of the big cities, prices rose only in Espoo, where prices rose by 0.3 percent compared to a year ago. Outside the big cities, prices fell by about one percent.
of the OP group senior economist Joona Widgrénin according to the housing price decline has clearly leveled off, but no significant improvement has been seen.
“July’s data confirm the view that the housing market could be slowly turning for the better. However, a quick price recovery is not yet visible,” says Widgrén in his analysis.
Hypon chief economist Juho Keskinen according to the housing trade is still around a fifth lower than before the corona crisis.
“More than 10,000 sales of condominiums and single-family houses at the beginning of the year did not take place, compared to the equivalent of 2019,” says Keskinen Hypon in the bulletin.
According to Statistics Finland, the prices of apartments in apartment buildings fell by 3.4 percent in the whole country in July, and the prices of terraced apartments by 0.6 percent compared to a year ago.
Sales of old apartments and townhouses were made through real estate agents, almost a third more than in July last year.
of Finnish Entrepreneurs chief economist Juhana Brotherus considers whether interest rates will fall sufficiently and quickly enough compared to the recession of the labor market situation. According to him, at the end of August last year, the 12-month Euribor rate was 4.1 percent, while the reading is now 3.1 percent.
“The direction is right, but more should be calculated from Finland’s point of view. All eyes now turn to the ECB’s interest rate meeting on September 12th, where we hope for a drop in interest rates and a view of the future downward trend,” says Brotherus in his analysis.
Housing market the bottom may have been seen at the national level, but the situation in the capital region is a big disappointment, says Pellervon Taloustutkimus senior economist at PTT Veera Holappa in the bulletin.
“The capital region and especially Helsinki is particularly disappointing. In Helsinki, prices have been coming down for two months now, so if there was any budding optimism about the rise before, it has melted away. There is no question of a collapse, but the news is clearly negative,” says Holappa.
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