Holiday Home Market Is Becoming More Active Only Now
(Thomson Reuters ONE) -
OP-Pohjola press release 28th June 2012
According to preliminary information, the total volume of homes and real
property bought and sold through OP-Kiinteistökeskus estate agents will be
around eight per cent lower in the first half of 2012 than a year ago. In
particular, trade in holiday homes, forest estates and plots is expected to be
about a quarter lower than in the previous year.
- Sales have been slowed down by the sellers' over-optimistic price expectations
in certain regions. The cautious sentiment arising from the debate on the
eurozone crisis and the chilly spring have, for their turn, resulted in low
sales of holiday homes and holiday home plots. Only in June has the market
become somewhat more active, says Kenneth Sandberg, Vice President, Estate Agent
Services, OP-Pohjola.
Volume of trade in flats and detached houses at fair level
During the first half, sales of owner-occupied flats and detached houses through
OP-Kiinteistökeskus real estate agents were at a fairly good level on a
nationwide basis. According to preliminary information, January-June saw sales
of well over 6,100 flats in apartment buildings and terrace houses as well as
detached houses, which is around seven per cent lower than the year before.
- We are satisfied with this result. Although the debate on the euro-area
sovereign debt crisis has made many home buyers hesitate to make decisions,
prices in the market have stabilised and low borrowing costs in particular have
kept the housing market alive, explains Sandberg.
Still only minor changes in time frames for selling a home
For OP-Kiinteistökeskus real estate agents, the time that it takes to sell flats
in apartment buildings became slightly longer during the late winter and early
summer compared with the same period a year ago, i.e. by three days from an
average of 64 days to 67 days. The average time frame for selling detached
houses has lengthened from 105 days to 113 days.
Sales expected to continue at the same pace
Sandberg predicts that homes and real property and especially holiday homes will
sell slightly better after the quieter market during the first few months of the
year. The debt-crisis debate will certainly continue for a long time, but the
Finnish home and property market fundamentals are still good. The next six
months are not expected to see any major changes in prices either.
For more information, please contact:
Kenneth Sandberg, Vice President, Estate Agent Services, OP-Pohjola
Tel. +358 (0)400 473 678
OP-Pohjola Group is Finland's leading financial services group providing a
unique range of banking, investment and insurance services. The Group has the
mission of promoting the sustainable prosperity, well-being and security of its
owner-members, customers and operating regions through its local presence. Its
objective is to offer the best and most versatile package of loyal customer
benefits on the market. OP-Pohjola Group consists of some 200 member cooperative
banks and the Group's central institution, OP-Pohjola Group Central Cooperative,
with its subsidiaries and closely-related companies, the largest of which is the
listed company Pohjola Bank plc. With a staff of more than 13,000 OP-Pohjola
Group posted consolidated earnings of 518 million euros before tax in 2011 and
had total assets of 92 billion euros on 31 December 2011. The group has over
four million customers.
www.op.fi
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: Pohjola Pankki Oyj via Thomson Reuters ONE
[HUG#1622544]
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Datum: 28.06.2012 - 02:32 Uhr
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