Business is booming in the Copenhagen housing market. Photo: Colourbox
Flat prices in Copenhagen rose by 5.7 percent in April according to figures from estate agency Home, bringing prices in the Danish capital to an all-time high.
An average 85 square metre apartment in Copenhagen now costs 2.81 million kroner, topping levels seen before the onset of the economic crisis.
The rise in price is largely due to a slew of new waterfront developments in the Copenhagen area. Prices on newly-built apartments increased by 20 percent over the past six months while prices on existing properties rose by 12 percent.
“There is a lot of action in the apartment market. Showings, transactions and prices are all up while sell times and price reductions are down. It’s really moving quickly now,” Home spokesman Mads Ellegaard told Finans.
As has been the case for months, prices in Copenhagen are rising at a quicker rate than elsewhere in the country. Nationwide, prices rose by 2.6 percent in April but still remain 10.6 percent lower than pre-crisis levels.
In Denmark’s second city of Aarhus however, prices are just 0.1 percent under their January 2007 peak.