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Trends and Challenges for Housing in the Nordic and Baltic Countries - - Hedvig Vestergaard Christian Deichmann Haagerup Diverse group of countries • GDP level widely different • GDP growth shows a similar patterns during the financial crisis • House price movements appear to be synchronized • Construction of new housing has almost stopped in all countries Gross Domestic Product (GDP) Euro per capita, current prices 70000 Sweden Norway 60000 Denmark 50000 Iceland 40000 Finland 30000 United Kingdom Estonia 20000 Lithuania 10000 Belgium Bulgaria 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 GDP growth in % 30% Sweden 20% Norway Denmark 10% Iceland 0% 2001 -10% -20% -30% 2002 2003 2004 2005 2006 2007 2008 2009 Finland United Kingdom Estonia Lithuania Belgium Bulgaria -40% Index, 1995=100 300 250 Real House Prices Sweden Norway 200 Denmark 150 Iceland 100 50 United Kingdom Index, 1997=100 500 Real House Prices 450 Sweden 400 Norway 350 300 Denmark 250 Iceland 200 Estonia 150 United Kingdom 100 50 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 50% Change in Real House Prices 40% Sweden 30% 20% 10% Norway Denmark 0% Iceland -10% Estonia -20% United Kingdom -30% -40% Units 40.000 Construction 35.000 30.000 Sweden 25.000 Norway 20.000 Denmark 15.000 Iceland 10.000 5.000 0 Finland Estonia Index, 2000=100 300 Construction Sweden 250 Norway 200 Denmark 150 Iceland 100 Finland 50 United Kingdom Lithuania 0 Construction Index, 2000=100 1.000 Sweden 900 Norway 800 Denmark 700 600 Iceland 500 Finland 400 300 Estonia 200 United Kingdom 100 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 0 Lithuania Challenges for the future • • • • • • Ageing populations in Europe Ageing housing stock Viable financing systems Energy supply Sustainability and heritage Infrastructure and transport systems References • VISURF Country Profiles, reported by the members of the VISURF research network • EUROSTAT • National Statistical Offices
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