Samla Market Pulse

Rising interest rates

Short-term rates have continued to rise. The 3-month Euribor stood at 2.67% on 23.10.2026, compared with 2.49% three months earlier. Its monthly averages rose from 2.34% in June to 2.51% in August and 2.63% in October. The indicator typically moves about three quarters ahead of house prices in the opposite direction, so the rise may signal pressure on prices. The 12-month Euribor was 3.27% on the same day, compared with 2.99% three months earlier. The average rate on new housing loans was 3.35% in August and 3.28% in July.

Housing sales and purchase intentions

Prices of old housing company dwellings were 3.3% lower nationwide in August than a year earlier (preliminary), and the price index stood at 96.7 (2025 = 100). August saw 4 508 transactions (still being supplemented), against 4 926 earlier in the three-month series. Volume confirms rather than anticipates a turn. The clearest leading indicator, the intention to buy a home within 12 months, moves about half a year ahead of prices. It rose to 12.1% in September after 11.2% and 11.1% but remains below its 2016–2026 average of 13.1%.

Rents, costs and supply

Rents rose 0.5% year on year nationwide in Q3/2026, while non-subsidised rents rose 0.1%. Maintenance costs of blocks of flats were 2.9% higher in Q2/2026 than a year earlier, and 3.3% higher across all building types. The balance of supply and demand is described by new households minus new dwellings, which was −7 200 in 2025 according to preliminary data. There were 8 900 new households and 16 100 new dwellings, as 19 600 were completed and an estimated 3 500 removed. More dwellings thus entered the market than new households were formed.

Construction and employment

Building permits, a gauge of future construction, were granted for 877 dwellings in August 2026, compared with 988 in August 2025. Lower permit volumes may restrain housing supply later. In September, 64 bankruptcy proceedings were filed in construction and 14 in real estate, compared with 57 and 12 in September 2025. The seasonally adjusted unemployment rate rose to 10.9% in September from 10.0% in August. Weaker employment may weigh on housing demand and tenants' ability to pay, but the September rise in purchase intentions shows the picture is not one-sided.

Changes since the previous pulse

The 3-month Euribor rose to 2.67% (23.10.2026) from 2.64% (16.10.2026) in the previous pulse. The 12-month Euribor rose to 3.27% (23.10.2026) from 3.21% (16.10.2026) in the previous pulse. The latest building permit figure is for August 2026, when permits were granted for 877 dwellings, compared with 709 for July 2026 in the previous pulse. Bankruptcy data now cover September 2026, with 64 proceedings filed in construction and 14 in real estate, compared with 40 and 21 for August 2026 in the previous pulse. The seasonally adjusted unemployment rate was 10.9% in September 2026, compared with 9.9% for August in the previous pulse. The August unemployment rate has been revised to 10.0% from the 9.9% reported in the previous pulse.

What it means for property investors

Rising Euribor rates and a higher average rate on new housing loans mean more expensive financing for property investors, particularly on floating-rate debt. The demand picture is mixed. House prices are below their level a year ago, and unemployment has risen, but purchase intentions have strengthened even though they remain below the long-term average. Purchase intentions and the short-term rate point in different directions for prices, so no firm conclusion about a turn in prices can yet be drawn. For rental yields, rent growth has been moderate, especially for non-subsidised dwellings, while maintenance costs have grown faster, although the figures cover different quarters. This may narrow net yields. On the supply side, more dwellings entered the market in 2025 than new households were formed, but fewer building permits and more construction bankruptcies may slow new production later.

News of the week

Key news this week concerned real estate asset management, housing demand and company results. Real estate asset manager EQ signed an agreement to acquire the entire share capital of Genesta Property Nordic. If completed, the deal would extend EQ's real estate asset management across the Nordics. The maximum debt-free value of the transaction before any purchase price adjustments is EUR 15.5 million. Listed company Toivo Group started building Gemma in Sompasaari, Helsinki. All 34 apartments were reserved within a few hours. Listed company SRV reported 28% revenue growth for July–September, significantly improved profitability and an order backlog above 1.5 billion.

Sources: Nordic Property News, EQ stock exchange release, Toivo Group stock exchange release, SRV stock exchange release.