Home sales in Denmark sink to lowest level since 2013
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Loading... - Nolan Doyle
- 04 Apr 2023
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Only 9,931 homes were sold in the last three months of 2022, according to the latest figures from the trade body Finance Denmark, the lowest number for 39 three-month periods. At the same time prices have fallen back to the levels they were at at the end of 2020.
“The second half of the year in particular showed a marked decline in housing transactions,” Brian Friis Helmer, economist at Arbejdernes Landsbank. “The headwind comes from higher interest rates, higher energy bills and financial uncertainty.”
Prices of apartments fell by 7.2 percent last three months of the year compared to the same period in 2021, while prices for detached houses fell by 6.3 percent.
Bo Sandberg, housing economist at the Confederation of Danish Industry, said that this made Denmark one of the European countries which had seen the biggest falls.
“We are pretty much only exceeded by Sweden,” he wrote in a commentary. “The peak of the price increases, which occurred during an exceptionally favourable and historically unique period in the housing market, has now been shaved off, and prices are back at the 2020 level.”
A survey of Danish home owners carried out by Finance Denmark in February 2023 found that a slim majority of 55 per cent expected prices to remain stable over the coming 12 months, with only 20 percent expected prices to drop more than 1 percent. Read More…
