According to Statistics Sweden, in 2023, the national house price index fell by 6.31%, which is worse than the 3.73% decrease in the previous year, and in sharp contrast to the growth of 15.78% in 2021, 10.26% in 2020 and 3.9% in 2019.Last year was the worst for the country since 1993. Adjusted for inflation, housing prices fell by a huge 11.24% in 2023.
"Prices for apartments and houses began to decline in 2022 after several years of growth. The main reasons are high inflation and rising mortgage interest rates," the Association of Swedish Bankers said in a report on the mortgage market for 2023.
According to Statistics Sweden, demand for real estate is declining sharply: home sales across the country fell by 18.7% to 45,588 units in 2023.
Sweden's housing market is expected to remain sluggish in 2024 amid a weak economy and high interest rates.
Source: Global Property Guide
