Housing Price and Investment Dynamics in Finland

Christophe Andréi ; Clara Garcíai iOECD

Organisation for Economic Co-operation and Development

关键词: housing prices;    Finland;    construction;    housing policies;    property taxation;    housing market;    mortgage markets;    household wealth;    land-use planning;   

DOI  :  https://doi.org/10.1787/5k98rwldjr44-en

学科分类：社会科学、人文和艺术（综合）

来源: OECD iLibrary

【 摘 要 】

The Finnish housing market is volatile. After declining significantly as the global financial crisis unfolded, housing prices and investment recovered to reach new peaks. This paper uses a small econometric model to assess the role of fundamentals in housing price and investment developments. Current housing valuations and residential investment are broadly in line with the model estimates. Housing market volatility is exacerbated by fluctuations in the wider economy, which given its size and openness is vulnerable to external shocks. Structural features of the housing market also make it prone to volatility. The paper describes institutional characteristics of the Finnish housing market that bear on house price volatility and supply responsiveness. These relate to the structure of tenures, housing taxation and subsidies, social housing, financing, land-use planning, and competition in the construction industry.