Helsinki House Prices Continue To Rise

Growing prices for homes in Helsinki is being reflected in neighbouring Espoo and Vantaa as well.

File picture, aerial panorama of Helsinki / Credit: iStock

If you want to buy a home in Helsinki, you’ll have to dig deep.

New figures show the demand for housing in the capital city region is pushing the average cost of a home towards €300,000.

Already 11% of homes in Helsinki were sold for more than half a million euros. And that figure seems set to rise, with the number of home sales topping the half a million euro mark in the last five years jumping 70%.

The number of homes being sold that cost less than €200,000 has dropped in Helsinki over the past three years. The same pattern is now emerging in Espoo, while sales of lower price homes in Vantaa are growing too.

“In Espoo, the opening of the metro has probably increased demand. Property portfolio buyers have been investing in Helsinki’s lower-priced housing stock for some time, but it remains to be seen whether the same developments have begun in Espoo as well” says Jussi Karppinen, CEO of Kahdeksas Päivä real estate agency.

The recent construction boom has also filtered through to the market, with most new homes coming back for re-sale again within a few years.

The average real estate brokerage transaction in Helsinki in 2017 was €280,698. This year the most-sold price category in Helsinki will range from €200,000 to €300,000 with the volume of housing sales in the greater Helsinki region growing by 2% last year.