Housing & Utilities

Housing & Utilities


Housing

There are two types of housing in Finland: a housing share (asunto-osake) and real estate (kiinteistö).

Housing costs may vary greatly depending on the area.

For example, a small studio (25 m²) may cost US$267526 | €250000 in the Helsinki city center or US$69557 | €65000 in Oulu.


Apartments for Sale

The average housing share price per square meter in an existing apartment in a block of flats or a terraced house

  • Helsinki US$4637 | €4333
  • Vantaa US$2854 | €2667
  • Turku US$2272 | €2123
  • Oulu US$1917 | €1791
  • Rest of Finland US$1721 | €1608

Updated: August 2020

Source: stat.fi


Apartment prices

a housing share (asunto-osake)

Helsinki
  • Neighbourhoods:
  • City Center & Downtown: Keskusta, Punavuori, Ullanlinna, Töölö, Kamppi (m²) US$9631 - 10701 | €9000 - 10000
  • Kallio, Sörnäinen, Pasila (m²) US$6421 - 8561 | €6000 - 8000
  • Pukinmäki, Vuosaari, Itäkeskus (m²) US$5136 - 5886 | €4800 - 5500
  • Jakomäki, Kontula from (m²) US$3531 | €3300
Turku
  • Keskusta / linnanfälttiö, Itäinen keskusta (m²) US$5136 - 5565 | €4800 - 5200
  • Satama (m²) US$5029 - 5458 | €4700 - 5100
  • Portsa (m²) US$2782 - 3959 | €2600 - 3700
Oulu
  • Keskusta (m²) US$2782 - 5351 | €2600 - 5000
  • Linnanmaa (m²) US$4280 | €4000
  • Heinäpää (m²) US$2996 | €2800
Vantaa
  • Tikkurila (m²) US$4173 - 5458 | €3900 - 5100
  • Koivukylä (m²) US$2782 - 4494 | €2600 - 4200
  • Myyrmäki (m²) US$3852 - 4815 | €3600 - 4500


Houses for Sale

The average detached house (omakotitalo) price per m²

The average detached house Prices
  • Helsinki (m²) US$3337 | €3118
  • Helsinki: Malmi (m²) US$2568 - 4066 | €2400 - 3800
  • Helsinki: Puistola (m²) US$2461 - 3959 | €2300 - 3700
  • Other cities (m²) US$1537 | €1436
  • Espoo (m²) US$2568 - 4494 | €2400 - 4200
  • Vantaa (m²) US$1926 - 3852 | €1800 - 3600
  • Turku (m²) US$1605 - 2140 | €1500 - 2000
  • Oulu (m²) US$1177 - 2354 | €1100 - 2200
  • Porvoo (m²) US$1819 - 2675 | €1700 - 2500

Source: stat.fi


Apartments for Rent

In Finland, the average apartment rental prices vary in the range of US$13.9 - 26.8 | €13 - 25 per square meter.

Non-subsidized rental rates in 2020

  • Helsinki (m²) US$22.5 | €21
  • Vantaa (m²) US$18.8 | €17.6
  • Tampere (m²) US$16.2 | €15.1
  • Turku (m²) US$15.2 | €14.2
  • Oulu (m²) US$14 | €13.1

Non-subsidized rental rates: new contracts

  • Helsinki (m²) US$21 - 27.2 | €19.6 - 25.4
  • Vantaa (m²) US$19.9 | €18.6
  • Tampere (m²) US$17 | €15.9
  • Turku (m²) US$16.4 | €15.3
  • Oulu (m²) US$14.4 | €13.5

Updated: August 2020

Source: stat.fi


Apartment rental prices

Helsinki
  • Studio US$717 | €670
  • 2-room apartment US$888 | €830
  • 3-room apartment US$1177 | €1100
Turku
  • Studio US$567 | €530
  • 2-room apartment US$685 | €640
  • 3-room apartment US$856 | €800
Oulu
  • Studio US$621 | €580
  • 2-room apartment US$856 | €800
  • 3-room apartment US$1049 | €980
Vantaa
  • Studio US$706 | €660
  • 2-room apartment US$856 | €800
  • 3-room apartment US$1177 | €1100

Housing Loan in Finland in 2020

The cap on housing loans: A home buyer must have at least 15% (or 5% in the case of a first home) of own savings with an exception for first-home buyer loans that require 5% of savings or a collateral.

Interest rates: In August 2020 the average interest rate was 0.89%.

Tax benefits: In 2020 the deductible part of home-loan interest payments is 15%.


Home Insurance

If you rent an apartment in Finland, you will be asked to buy home insurance.

The insurance cost varies depending on the size of the apartment, your personal liability and the amount of coverage you carry.

Basic home insurance is around US$107 | €100 per year for a 40m² apartment.

Helsinki: 1-room apartment (40 m²)

Basic home insurance

Option 1 US$102 | €95 (deductible US$535 | €500)

Option 2 US$118 | €110 (deductible US$214 | €200)

Option 3 US$121 | €113 (deductible US$161 | €150)

Comprehensive home insurance

Option 1 US$129 | €121 (deductible US$535 | €500)

Option 2 US$175 | €164 (deductible US$214 | €200)

Option 3 US$188 | €176 (deductible US$161 | €150)

Premium home insurance

Option 1 US$156 | €146 (deductible US$535 | €500)

Option 2 US$217 | €203 (deductible US$214 | €200)

Option 3 US$234 | €219 (deductible US$161 | €150)

Helsinki: 3-room apartment (100 m²)

Basic home insurance

Option 1 US$138 | €129 (deductible US$535 | €500)

Option 2 US$163 | €152 (deductible US$214 | €200)

Option 3 US$170 | €159 (deductible US$161 | €150)

Comprehensive home insurance

Option 1 US$151 | €141 (deductible US$535 | €500)

Option 2 US$258 | €241 (deductible US$214 | €200)

Option 3 US$279 | €261 (deductible US$161 | €150)


Home Tax

The property tax rate limit is set by the municipality once a year.

The real estate tax (kiinteistövero) is determined by the home value.

Real estate tax rate limits in Finland in 2020

  • Tax for permanent residents 0.41-1%
  • Other residential buildings (e.g. holiday homes) 0.93-2%
  • General property tax (e.g. ground, production and industrial buildings) 0.93-2%
  • Unbuilt sites 2-6%

Helsinki property tax in 2020

  • Tax for permanent residents 0.41%
  • Other residential buildings (e.g. holiday homes) 0.93%
  • General property tax (e.g. ground, production and industrial buildings) 0.93%
  • Unbuilt sites 3.93%

Source: vero.fi


Utilities

How much do utilities costs in Finland?

Electricity charges

The average residential monthly electric bill is US$21.4 - 43 | €20 - 40 per month for a 40m² apartment (2-person household).


Water rates

The average residential monthly water bill is US$21.4 | €20 per person per month. In some cases water may be included in the rent.


Other utility fees

Hoitovastike (maintenance fee) includes regular building maintenance and other running costs.

The average monthly maintenance fee is US$4.8 | €4.5 per square meter, e.g. US$193 | €180 for a 40 m² apartment.

Rahoitusvastike (financing fee) covers housing company loans for renovations.

Yhtiövastike is a total amount of hoitovastike and rahoitusvastike payments.


Internet connection

  • 4G Home broadband connection (100Mbit/s, per month) from US$32 | €30
  • 4G Mobile internet connection (100Mbit/s, per month) from US$26.8 | €25
  • 5G Mobile internet connection (1000Mbit/s, per month) from US$48 | €45

Source: DNA.fi


Mobile phone plans

  • Cell phone plan rates (per month) start at US$8.5 | €7.9
  • 4G Mobile phone plan: unlimited calls and messages, 4G internet 100Mbit/s (per month) US$27.8 | €26.0
  • 5G Cell phone plan: unlimited calls and messages, 5G internet 1000Mbit/s (per month) US$54 | €50.0

Source: DNA.fi


House cleaning service prices

  • The average cost of house cleaning is US$37 - 54 | €35 - 50 per hour per cleaner.
  • It usually takes up to 2 hours to clean a 1- and 2-room apartment; 3-4 hours for a house.
  • You can claim the tax credit for household expenses (cleaning, repairs, babysitting).
  • The maximum tax credit that can be claimed is US$2408 | €2250 (40% of US$6287 | €5875).
  • The credit deductible is US$107 | €100.