Home prices across Finland fell by 5.8% in March 2023. At the same time, in major cities, the figure reached 6.6% year-on-year, and in other parts of the country, it was 4.2%. This information is published by the Statistics Office of the country. 

Housing prices have fallen most noticeably in Vantaa and Tampere—by 8.6% and 7.6%, respectively. This trend has affected the city of Turku the least of all—prices here for the year fell by only 2.4%. 

The fall in prices has particularly affected small apartments. For example, a studio in an apartment building in Helsinki now costs about the same as it did 4–5 years ago. 

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As for sales statistics, Finnish real estate agents sold 29% less in March 2023 than a year earlier, which means that between January and March, the number of transactions involving intermediaries fell by 33%. Newly built houses are struggling to sell at all—their sales fell by 71% year-on-year between January and March.

The economist of the Mortgage Society of Finland (Hypo), Juho Keskinen, described the current mood in the real estate market as cautious and the volume of property sales as very low. He noted that from January to March, sales reached their lowest level since the 1990s, and the price decline has not yet been completed. Keskinen predicted that market sentiment would not improve until interest rates stabilized.