In this article, we will take a look at 5 Countries where Housing Prices are Declining or Flat. For a detailed overview of the downward trends in the housing market in different countries and the overall reduction in housing prices, read our article 20 Countries where Housing Prices are Declining or Flat.
5. Sweden
1-Year % Change in Real House Prices: 4.18%
3-Year % Change in Real House Prices: 16.71%
Affordability Index: 100.64
Average Score: 5.55
In the past couple of years, the house price index in Sweden has shown a rising trend. It increased by 15.78% between 2021 and 2020 and 10.26% in 2020 and 2019. Meanwhile, the average price of a standard house in the country at the end of 2022 was around $347,000 because of a 4.2% decline in prices as compared to 2021. Prices of various dwellings in 2023 have gone down by 15%. However, the prices of apartments have only reduced by 10%.
4. Denmark
1 Year % Change in Real House Prices: -8.05%
3 Year % Change in Real House Prices: 14.16%
Affordability Index: 104.03
Average Score: 4.25
In 2023, the Danish housing market showed a steady decline in prices due to a higher interest rate. Experts have also predicted lower prices due to the general economic slowdown in the country. Prices of single-family homes have been predicted to go down by 8% by the end of 2023 and stabilize in the next year. Meanwhile, the average price per square meter in Denmark currently stands at around $4,300.
3. South Africa
1 Year % Change in Real House Prices: -0.69%
3 Year % Change in Real House Prices: 12.42%
Affordability Index: 93.65
Average Score: 4.15
While nominal house prices in South Africa increased by 2.5% in the first two months of 2023, they have gone down by 4.2% since March 2023. Moreover, the average selling prices of homes in South Africa decreased by 0.4% in the second quarter of 2023, standing at $22,000. Over the past couple of years, housing prices in the coastal regions of the country have shown consistent growth. Meanwhile, inland areas have shown little to no improvement in property prices.
2. Italy
1 Year % Change in Real House Prices: 5.12%
3 Year % Change in Real House Prices: 18.53%
Affordability Index: 88.68
Average Score: 3.9
In 2023, Italy experienced a fluctuation in housing prices across different cities. Currently, the average price of a house in the country is $380,000 for a 2,000-square-foot home. While prices in the Southern areas of Italy have decreased by 5.6% in 2023, they have gone up in Aosta Valley, Trentino, and Liguria. In many cities in Southern Italy, such as Molise, 2,000 square feet of residential property is priced at around $178,000.
1. Finland
1 Year % Change in Real House Prices: -5.78%
3 Year % Change in Real House Prices: 28.97%
Affordability Index: 86.13
Average Score: 2.85
In 2023, the Finnish housing market recorded its biggest slump ever since the pandemic hit. Prices of homes in the country went down by 7.4% in May compared to the same time period in 2022. Experts suggest that this is the biggest decline in the country since January 2021. Currently, the average price per square meter of a residential property in Finland is around $2,200. Where a typical home in rural areas can be bought and sold for approximately $43,000, those in the metropolis can go as high as $314,000.
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