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Swedish property prices down 17 percent since last spring

TT/The Local
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Swedish property prices down 17 percent since last spring
House prices have fallen further than apartment prices, according to new statistics. Photo: Fredrik Persson/TT

The recent drop in property prices continued in December, with apartment prices falling 1.5 percent and house prices falling by 2.9 percent, new statistics show.


The price of properties in general dropped by 2.4 percent on average in December, which is a greater decrease than can be explained by usual seasonal patterns, according to statistics from SBAB bank and property site Booli.

Since hitting a peak last spring, prices for apartments and houses together have fallen by around 17 percent.

"Our prognosis has been that property prices will fall by around 20 percent in Sweden as a whole, solely due to the increase in interest rates," the head economist at SBAB, Robert Boije, said in a press statement.

"We're definitely starting to reach those levels now."

The biggest drop in house prices can be seen in the Greater Malmö area, with a 21.4 percent drop. Apartment prices have fallen most in northern Sweden, with a 17.2 percent decrease since the peak in spring.


In general, house prices have fallen more than apartment prices, which have fallen by 19 and 14 percent, respectively.

"So far, we've seen a greater drop in house prices than apartment prices, with the exception of northern Sweden where apartment prices have fallen slightly more than houses," Boije explained.

"It's possible that the high energy prices in the central and southern regions of the country have affected houses more than apartments."


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