Samla Market Pulse

Rising interest rates

Short-term rates keep rising. The three-month Euribor was 2.79% on 6 Nov 2026, against 2.47% three months earlier. Its monthly averages have risen from 2.43% in July to 2.64% in September and 2.77% in November. The short rate typically leads house prices by about three quarters in the opposite direction, so the rise may signal price pressure. The 12-month Euribor stood at 3.25% on the same day, against 2.90% three months earlier. The average new mortgage rate rose to 3.54% in September from 3.35% in August.

Housing transactions and purchase intentions

Preliminary September data show prices of existing apartments 2.2% lower nationwide than a year earlier, with the price index at 97.4 (2025 = 100). Sales totalled 4,924 in September, after 4,626 in July and 4,750 in August. Transaction volume, still being completed for September, confirms a turn rather than anticipating it. The clearest leading indicator, the 12-month home purchase intention, leads prices by about six months. It fell to 10.2% in October from 12.1% in September, after 11.1% in August. This is below the 2016–2026 average of 13.0%.

Rents, costs and supply

Rents rose 0.5% y/y nationwide in Q3/2026, and non-subsidised rents rose 0.1%. Maintenance costs of blocks of flats were 2.9% higher than a year earlier in Q2/2026, and 3.3% higher for all building types. Supply and demand balance is gauged by new households minus new dwellings, which stood at −7,200 in 2025 (preliminary). 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 were granted for 877 dwellings in August 2026, against 988 in August 2025. Fewer permits may curb housing supply later. Bankruptcy filings numbered 64 in construction and 14 in real estate in September 2026, against 57 and 12 in September 2025. The seasonally adjusted unemployment rate rose to 10.9% in September from 10.0% in August. Weakening employment may weigh on housing demand and tenants' ability to pay.

Changes since the previous pulse

The three-month Euribor rose to 2.79% (6 Nov 2026) from 2.68% (30 Oct 2026) in the previous pulse. The 12-month Euribor fell to 3.25% (6 Nov 2026) from 3.31% (30 Oct 2026) in the previous pulse.

What it means for property investors

Rising short-term rates and a higher average rate on new mortgages mean more expensive financing for property investors, especially on variable-rate loans. The 12-month Euribor dipped slightly from the previous pulse but remains higher than three months ago. Of the indicators that lead prices, both purchase intentions and the short rate may point to price pressure, as purchase intentions weakened in October and remain below the long-run average, and the short rate has risen. Unemployment has also risen. Prices below year-earlier levels and growing transaction volumes describe realised developments and do not by themselves anticipate a turn. For rental yields, rent growth has been modest, particularly for non-subsidised housing, 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

On 27 October 2026, Sp-Koti and the Savings Banks Group forecast that brokered sales of existing homes in Finland will grow by 8–12 percent in 2027 and that prices of existing apartments will rise by an average of 1.5 percent. Transactions are expected to pick up clearly only in autumn 2027, and according to the forecasters this is not yet a significant market turnaround. According to KTI, property transactions in January–September totalled EUR 4.3 billion, and after the October deals the volume for the year is around EUR 4.6 billion, already clearly above last year's level. In the October Rakli-KTI Commercial Property Barometer, yield requirements were 0.2–0.6 percentage points higher than a year earlier depending on the sector. Cibus, listed on Nasdaq Stockholm, acquired four properties in Finland, all leased to Kesko, for EUR 12.5 million. SRV agreed on the first-phase plot transactions for a block of around 200 homes in Lauttasaari, Helsinki.

Sources: Savings Banks Group press release, KTI press release, Cibus stock exchange release, SRV press release.