Years of good times for homeowners grinding to a halt
Ah well, they were good times while they lasted.
Following a decade of furious development, the housing market now finds itself in a downward spiral.
According to figures from Danmarks Statistik, not only have prices plummeted for houses and apartments across the country, but the sale of housing has also faded significantly.
“All of the country’s regions saw a decline in housing prices from the fourth quarter of 2021 to the fourth quarter of 2022,” wrote Danmarks Statistik.
“The biggest price decline for single family houses was in Bornholm at about 15 percent, followed by Copenhagen (8.7 percent) and north Zealand (7.6 percent). The lowest fall was registered in north Jutland at 2.4 percent. On average, the decline in house prices nationally was 6.2 percent.”
A hard sell indeed
Apartment prices also dipped nationally by 5.3 percent last year – Funen was hit particularly hard with a downturn of 11.2 percent, while Copenhagen sustained less ‘damage’ at about 4 percent.
Housing sales overall have also been impacted by rising inflation and interest rates. As a result, demand has plummeted.
Nationally, the number of house sales dropped by 30 percent – a figure that was even more pronounced in the capital at about 40 percent.
A similar trend was seen with apartments. The number sold nationally fell by 35 percent last year.
Check out the figures here (in Danish).