EU state's housing market crashing Bloomberg

RT.com
29 Sep 2023, 01:44 GMT+10

Construction of new homes in Finalnd has reportedly dropped to the lowest level since the 1940s

The housing market in Finland is facing a downturn as construction of new dwellings has plunged to levels not seen since World War II, Bloomberg reported on Tuesday.

Building of new homes more than halved this year, totaling about 16,000 compared to over 37,000 constructed in 2022, the outlet reported citing data from the Confederation of Finnish Construction Industries.

It is expected that the Finnish construction industry will face a 10% overall drop this year.

"Due to the collapse of housing production, the number of completed apartments threatens to fall to the level of the 1940s in the next couple of years," the construction group said in a statement. "The rise in interest rates and costs has frozen both consumer and investor demand for new apartments as well as government-subsidized housing construction."

According to the confederation's chief economist, Jouni Vihmo, construction activity in Finland will not improve until the interest rate outlook stabilizes. He added that a recovery in the housing market would require a decline in the stock of new homes and a rebound for older dwellings.

The economist also warned that Finland's construction sector, which employs some 160,000 people, may soon shed up to 30,000 jobs.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Central Asia Times.

More Information

null in null

International

Section

CDC: US records 1,288 measles cases, most since 1992 outbreak

ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...

Gaza War sucking life out of an Israeli generation

In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...

Faulty IT system at heart of UK Post Office scandal, says report

LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...

Travelers can now keep shoes on at TSA checkpoints

WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...

Rubio impersonator used AI to reach officials via Signal: cable

WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...

Warsaw responds to migration pressure with new border controls

SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...

Asia

Section