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City flat prices hit all-time high in Sweden

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City flat prices hit all-time high in Sweden
10:59 CET+01:00
The cost of buying an apartment is at an all-time high and while demand continues to rise, there are fewer options on the market for home buyers.

Prices for tenant-owned apartments (bostadsrätter) rose by 3 percent in three months, but the price for single-family houses (villor) has remained stable for some time, according to fresh figures from Swedish real estate statistics firm Mäklarstatistik.

Prices are particularly high in Stockholm and Gothenburg, Sweden's two biggest cities, while Malmö, the country's third largest city, is more affordable.

The average price for a tenant-owned apartment in central Stockholm is now 62,000 kronor ($9,600) per square metre. In central Gothenburg, the price is nearly 39,000 kronor and in central Malmö, the average is around 20,000 kronor.

"It is three times cheaper to buy a home in Malmö than in Stockholm," Lars-Erik Nykvist, CEO of Swedbank-owned broker Fastighetsbyrån, told news agency TT.

Nykvist said that home prices in Sweden are now at an "all-time high".

The prices in Malmö have been affected by the decline in housing prices in neighbouring Denmark as well as by the fact that more homes are being built there than in the rest of Sweden.

Nykvist does not believe there will be any abrupt changes in the housing market in the near future.

"Supply and demand can change pretty rapidly but we believe this trend with small price changes will persist during the spring season, too."

According to statistics published by housing listings website Hemnet, the supply of tenant-owned apartments in Stockholm dropped by 8.4 percent in the first week of March compared to the same period last year.

Nationally, the supply dropped by 8.5 percent, while the supply of single-family homes fell by 5 percent.

Analytics firm Valueguard-KTH's housing price index (Hox) also points to rising housing prices.

According to the Hox-index, which is based on data from Mäklarstatistik and the Swedish land surveyor Lantmäteriet, the price of both tenant-owned apartments and single-family homes rose by 1.1 percent in the past month.

TT/The Local/nr

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