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Housing Prices in Finland Will Fall by 5%

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The drop could be even sharper in the metropolitan area due to an oversupply of small homes and larger housing loans and interest rates compared to other parts of the country.

Financial group Nordea expects housing prices in Finland to fall by an average of 5% next year. The drop could be even sharper in the metropolitan area due to an oversupply of small homes, larger housing loans and interest rates compared to other parts of the country.

Meanwhile, prices for single-family homes should decline as rising energy prices weaken interest in real estate with electric heating.

Details. Nordea highlighted the slowdown in growth in October. The Federation of Real Estate Agencies reported that the number of real estate sales decreased by 23% compared to the monthly average over the past decades.

Mortgage borrowers can rejoice, as the growth of short-term and long-term interest rates stopped at the end of autumn. Nordea said that Euribor 12, the most common base rate on housing loans in Finland, is unlikely to rise next year as fast as this year, and will stabilize at 3%.

Quote. Jussi Pajala, head of Nordea Mortgage, said that Finns are well prepared for such difficulties. He noted that every seventh mortgage borrower has insured their loans of interest rate risks or has savings that allows them to survive the most difficult months.

The prospects. Nordea is concerned that the market situation could lead to the collapse that was observed in the 1990s. Analyst Antti Koskivuo has recalled that currently the economy is sliding into recession due to inflation and the energy crisis, unlike the 1990s and the financial crisis of 2007-2009.

"Neither the Finnish nor the world economy is facing structural problems that were observed during previous crises, so a possible recession is likely to be moderate, and mass unemployment is not expected," he explained.

Source: Helsinki Times
Photo by Tapio Haaja on Unsplash

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