House price falls in Sweden
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Swedish house prices have fallen slightly since the peak in Q1 2010. During 2011 they fell by 2.7% (4.89% in real terms) to an average price of SEK 1,969,000 (€221,316), according to Statistics Sweden.
The drop in house prices was partly influenced by the Riksbank’s seven hikes in the key rate since July 2010, to 2% (the rate prevailing between July 2011 and October 2011). These hikes were in response to strong GDP growth in 2011 (3.9% ), and high lending for house purchases, Since then, because of the slowing economy, the Riksbank’s key rate has been lowered to 1.50%.
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