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A recent survey reveals that 52% of Finns currently selling their homes are open to reducing their asking price. This highlights a buyer’s market in Finland, as many potential homeowners are actively exploring their options, driven by changing living preferences and financial considerations.
The survey, conducted by Oikotie with over 16,000 respondents, also shows that a significant portion of prospective buyers—55%—are not planning to sell a current property.
This suggests that many of these buyers are either first-time homeowners or seeking investment properties, further emphasizing the favorable conditions for buyers.
The survey highlights a shift in housing preferences, with 60% of those searching for a new home focusing on apartments. This represents a notable change in Finland, where traditionally about half of the population lives in detached or semi-detached homes. Oikotie’s housing director, Anna Leinonen, commented on this trend, suggesting it may reflect a growing demand for smaller living spaces and a move away from suburban lifestyles.
“Many Finns used the COVID-19 years to move to larger homes with outdoor spaces. Now, we’re seeing a reverse trend, with people gravitating toward apartments and urban living,” said Leinonen. About 46% of home seekers are looking for row houses, while only 35% are interested in detached homes.
The most common reason for seeking a new home is the desire to switch from renting to owning, a driving factor for 28% of current home seekers. The second most common reason is the need for more space, cited by 26%. Other popular motivations include seeking modern amenities like balconies, yards, or garages.
However, rising living costs and high interest rates are slowing down some buyers. Around 26% of respondents pointed to general cost increases, and 21% said high mortgage rates are barriers to buying a home. Despite these challenges, many remain hopeful, with Leinonen noting that there is already some relief in interest rates.
Most home buyers are searching for properties priced between €100,000 and €200,000, with nearly a third of respondents indicating this range as their preference. A smaller group (22%) is targeting homes between €200,000 and €300,000. Homes priced between €300,000 and €400,000 are sought by 12% of buyers.
Leinonen mentioned that the availability of a suitable property remains a significant hurdle for many buyers. The location, price, or size often don’t match what they’re looking for, leading to extended searches.
The current market conditions, with a large inventory of homes—about 60,700 properties listed on Oikotie—and relatively stable prices, create an attractive environment for those in a position to buy. “For those who can, now is a great time to purchase a home. There’s plenty of supply, and sellers are willing to negotiate,” Leinonen added.
While some challenges remain, the Finnish real estate market appears to be in transition, with changing buyer preferences and more competitive pricing driving current trends.
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Source: www.helsinkitimes.fi
