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February 14, 2012
Swedish home prices buck financial crisis
Published: 29 Dec 09 16:40 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/24112/20091229/
Swedish home values increased substantially in 2009, despite persistent fears the country would suffer from a major drop in housing prices.
- Rate fears put freeze on Swedish housing market (10 Dec 09)
- Burger baron to buy Stockholm's priciest flat (3 Dec 09)
- Government averts threat of market-set rents (13 Nov 09)
When the financial crisis hit in late 2008, attendance at home viewings dried up and prices began to sink, prompting a number of analysts to predict a continued fall in home values through most of 2009.
But following a series of hefty interest rate cuts by the Riksbank, the Swedish housing market made a solid recovery.
Through November, prices for houses have risen between 9 and 11 percent nationwide, while apartment values have risen by between 15 and 19 percent.
Continued tax cuts and a growing belief that the effects of the economic downturn may not be as bad as previously feared have also helped keep Swedish home prices afloat.
“When the signs of an economic downturn began rolling in, many potential home buyers, quite naturally, got cold feet,” said Claudia Wörmann, lead analyst at the Association of Swedish Real Estate Agents (Mäklarsamfundet), to the TT news agency.
According to a survey of estate agents conducted by the association, the housing market will likely remain unchanged in many parts of the country during the first quarter of 2010.
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Fin means anyhting from sweet to proper. When someone says, Du är så fin it's quite a compliment.
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This is the very definition of a bubble mentality. Wait till inflation picks up and watch them fall.
has not even begun to be formed, as modest price rises (fuelled in my area in no small way by purchases from non-swedes for holiday homes - eg.German, British,Dutch,Norwegian) have affected the market this last 12 months.
Even in 'hard times' international bargain hunters find the resources for a good deal in a good country.
As for 'learning' perhaps it's worth reminding some folks that the 'Swedish financial crisis rescue model' of the early 90's became the template for UK and American rescue plans of their own frothing economies and have been acknowledged as such by financial and political leaders in both those countries.
PS. I am not swedish but like to be fair!
http://www.economist.com/businessfinance/displayStory.cfm?story_id=15179388
Given the way that Swedish mortgages appear to be structured, with a large percentage of the mortgage amount "interest only", rising intrest rates are bound to have a negative impact on Swedish house prices. As interest rates are at an historical low then the question of them rising is not "if?" but "when?"
The report from "The Economist" is interesting, but it's too general and I'm not sure it really applies to Sweden, given the price of rentals is not free market here. Also, there are many factors influencing the prices as they mention, that 34.7% is just a quick number which is not taking into account any of those.
Also, it's not uniform through the country, I guess in Stockholm particularly in the short term all this construction boom will push the prices down because of there will be more availability of homes, and at the same time interest rates raising will also push the prices down as less people will be attracted to buy; on the other hand there will be other factors to consider.
I'm not an expert so I can't say much, but my point is that 34.7% from The Economist doesn't mean much.