The housing market is on a steep rebound in the Copenhagen area but continues to struggle in other parts of the nation.
June numbers from the Association of Danish Mortgage Banks (Realkreditrådet) show that the asking price of an average 140 sqm home in Copenhagen is 4.2 million kroner ($772,370). That’s 330,000 kroner ($60,200) higher than last year. Homeowners in the Copenhagen suburbs are also asking more for their homes, with prices increasing by 88,000 kroner ($16,050).
Outside of the capital however, the housing market paints a different picture. On the island of Funen, asking prices are down 42,000 kroner ($7,660) from last year, while prices in southern Jutland have dropped by 23,000 kroner ($4,195).
“Asking prices on homes are primarily higher in and around the capital,” Realkreditrådet’s Jen Knøsgaard said. “Eastern Jutland has also seen a smaller increase on home prices, the only area in Jutland where that is the case. Apartment prices have risen sharply over a longer period. Asking prices are on average six percent higher than a year ago, with the biggest increases seen in Copenhagen and Aarhus.”
There are currently 65,005 properties for sale throughout Denmark, an increase of 1,280 over last year. Homes sit on the market for an average of ten months before being sold. That figure hasn’t changed much from last year, although there are some regional differences.
“Homes for sale in Zealand have generally sold quicker than a year ago, particularly in northern and eastern Zealand. “We see the opposite in Jutland,” Knøsgaard said.