"Finnish third-quarter detached house prices fell by three per cent year-on-year, plummeting 13.5 per cent in the capital region and 1.8 per cent in the rest of the country, Statistics Finland (SF) said in a statement Friday.Taken as-is from STT.
The agency added that the average price of land for detached houses had fallen by 4.7 per cent year-on-year but was up by 7.7 per cent sequentially." STT
When you think that interest rates are historically low and unemployment relatively stable due to extreme measure made by governments and central bankers around the world. I would expect a bigger decline going further.
4 comments:
I didn't find the information in Statistics Finland, but I did find that in the 3rd quarter flats and row houses went UP by 2,5% (see YLE teksti-TV page 847 --- much nicer presentation that Stats Finland's text description).
I guess with such a large drop in detatched housing costs, the others will drop...or is Finland seeing a change in housing patterns(downsizing to smaller flats etc) that will keep flat and row house prices high, while the larger detached house prices keep lower.
"Island Crow"
I think the source can be found here all in Finnish...
http://www.stat.fi/til/kihi/2009/03/kihi_2009_03_2009-12-11_tie_001.html
curse that language! it's like code breaking!
;)
Thanks for the address...I mentally translated 'asunto' as 'dwelling' so all covering rather than in the more narrow sense of 'flat/appartment'.
I notice that it in the previous quarter detached houses prices also fell, 4% nationwide and 6.8% in the capital region.
It looks as if in Helsinki etc there is structural correction in relative prices of houses vs flats, but this is so much more pronounce there than in the rest of the country. So it is beginning to look as if one asset group bubble is breaking, but it hasn't spread to other housing assets yet.
"Island Crow"
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