The secondary housing market in Finland has grown significantly
05/01/2021, 10:25
In the last three months, the number of real estate sales in the secondary market exceeded a five-year record of 6 thousand transactions.
What happened on the secondary market?
According to statistics from Nordea Bank and the Central Union of Realtors, real estate sales in Finland increased by 17% in November 2020, compared to the same period last year. 6101 purchase and sale transactions were concluded in a month, 58,236 in total since the beginning of the year.
Special features of the Finnish housing market:
- Along with the rise in the secondary market, sales of new buildings in all price segments decreased by 16% in November, compared to the same period in 2019.
- The interest of buyers in summer executive style homes has increased: since the beginning of the year, the number of objects sold is 1200 more than last year.
- Real estate in major cities continued to rise in price, and in Eastern Finland, the fall in prices has stopped. Thus, prices for popular studios in the capital have increased by 30% over the past five years.
- The rental market has gone into negative territory, as it is difficult for proprietors to find tenants. The reasons are obvious: the current situation has forced students to go to their parents’ homes during the distance learning, and the growth of unemployment has caused the slowdown in internal migration of the population. In addition, according to the University of Turku, buying a home in Finland is more profitable than renting.