In Sweden, the price of apartments has increased by an average of 18 percent over the past five years in all counties. But in Västerbotten, prices have risen even more. VK reports on new statistics from Svensk Mäklarstatistik, compiled by Fastighetsbyrån.
In the county, the average price of apartments has increased by 22 percent over the past five years. This is despite the fact that the price trend has reversed, falling by an average of six percent over the past year. In the country as a whole, home prices have fallen by an average of four percent over the past year.
"Given the circumstances, a four percent price drop doesn't seem so dramatic. And if we zoom out a bit and look at the five-year perspective, we still see significant price increases in many places," says Johan Engström, CEO of Fastighetsbyrån, in a press release.
The average increase of 22 percent in the county over the past five years translates into an average increase of 341,346 kronor in monetary terms. In the country as a whole, the average increase over the past five years has been 412,007 kronor.
If we compare the price development of apartments in Umeå and Skellefteå in recent years, the story is quite different. Over the past five years, the average price of an apartment in Skellefteå has increased by 36 percent. Despite the significant increase in Umeå, it is not even close to the percentage increase in Skellefteå. Over the past five years, apartment prices in Umeå have increased by an average of 17 percent.
"The large investments in the region, especially in Skellefteå with the new battery factory, have led to a higher rate of immigration. More people, both from Sweden and the world, are looking for new homes in Skellefteå, increasing demand and the price of apartments," says Jan-Erik Lööf, franchisee and real estate agent at Fastighetsbyrån Skellefteå, in the press release. He continues:
"The trend in recent years has been very positive, but in the past year we, like many other places, have seen a decline due to the current economic situation, with more buyers and sellers choosing to be cautious."
Just as Lööf mentioned, prices have fallen over the past year. In Umeå by three percent and in Skellefteå by a significant 21 percent.