Finland residential property prices fall 3.3% in August

In August, the prices of old residential properties in Finland fell by 3.3 percent compared to the previous year, according to preliminary data from Statistics Finland. While prices remained stable compared to July, the year-on-year decline was observed across most major cities, with the exception of Oulu, where prices rose by 2 percent.

Helsinki saw the most significant decrease, with prices dropping 3.7 percent compared to August of last year. On a national level, apartment prices fell by 3.8 percent, while terraced house prices decreased by 2 percent. The volume of transactions for old apartment and terraced houses also declined, with 8.5 percent fewer sales recorded than in August of the previous year.

Economists suggest that while the year-on-year figures appear grim, the internal development within this year has been more moderate. However, consumer confidence remains low; only 12 percent of consumers are considering buying or building a home. Factors such as interest rates, inflation, and high supply continue to weigh on the market's recovery.