“People have saved up five to six billion euros from travel in the past year. It’s clear that some of this money is being directed at improving the quality of housing. Some is being dispensed to improve everyday living, specifically your own home, and some through second homes and free-time homes,” he commented.
According to statistics from MML, the number of cottages that changed hands in the first four months of this year was 47 per cent higher and the average price of cottages 21 per cent higher than in 2020.
The market for single-family houses has similarly become a seller’s market. Houses in the capital region, for example, are presently sold in less than 40 days, according to transaction data from Kiinteistömaailma.
“What is showing is that the bidding system, meaning our auctioning system, has come and increased its popularity. The average time to sell a single-family house in the whole country, which used to be about 120 days, came down to about 100 days a year or two ago. We’re now talking about roughly 80 days,” said Kyhälä.
The epidemic has also kindled an urge in people to experience nature, judging by buyers' growing interest in properties with an own yard and readiness to relocate further away from city centres.
“The importance of yards has risen significantly in surveys,” he said. “Families with children especially are looking to foster a connection to nature through a yard or affordable free-time house. Maybe this is a phenomenon unique to the coronavirus era.”
Families with children have also recognised the floor-space requirements stemming from the transition to remote work and study. Marina Salenius of Huoneistokeskus said to Helsingin Sanomat that people no longer being bound to a particular locality has made many more willing to consider moving localities.
“If you think you’ll have the opportunity to work remotely also in the future, you may be ready to move a bit further away from the capital region, for example. But still in a way that services and schools remain relatively close,” she said.
The most popular houses, she revealed, are ones built in the 2000s with 120–150 square metres of floor space, as buyers are mostly looking for ready-to-move houses that require minor surface renovations at most.
Kyhälä viewed that new residential construction will be key for the single-family house market. “This is a bit of an unhealthy situation in that people are making quick decisions and snapping up anything that becomes available. You’d hope that the situation normalises a bit,” he commented.
Although the prices of single-family houses have certainly not declined in recent times, monitoring them can be complicated due to the variety of factors affecting them, reminded Salenius.
“People’s awareness of energy efficiency and eco-friendliness is clearly showing. Heating method has emerged as one element on the barometer that people are obviously looking at, so also it has an impact on house prices.”
The surge in the prices of single-family homes has also been registered at OP Koti. CEO Lasse Palovaara said to Helsingin Sanomat that the average price has risen from roughly 220,000 to 250,000 euros, in part due to the demand shifting toward more valuable houses.
“It’s a massive change, but the prices of single-family houses were treading water for a long time. The prices have thus caught up the deficit in price hikes from recent years in one fell swoop.”
“At one point, the group of buyers for more valuable houses shrunk slightly, but now the rise in demand has spread also to the upper end of the scale. When a single-family house that’s regarded as good comes up for sale at a high price, it may very well be sold in the current market situation,” he said.
Aleksi Teivainen – HT
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Activity in Finnish market for single-family homes is unhealthy, realtor tells HS - Helsinki Times
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