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Denmark's housing prices predicted to fall due to COVID-19

2020-05-11 22:47

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COPENHAGEN, May 11 (Xinhua) -- Higher unemployment and uncertainty brought about by the COVID-19 pandemic will cause Danish housing prices to fall, forecast Nykredit, one of Denmark's leading financial services groups, in an announcement on Monday.

"Higher unemployment will influence house prices in the coming year and it will not be until 2021 before we see price increases again. By the end of 2022, we expect prices at the national level to be on a par with the starting point prior to the coronavirus crisis," said Nykredit.

According to the financial services groups, the national average price of houses are expected to fall by an average of 4.1 percent and apartments dropping in value by 5.3 percent.

Nykredit anticipated that the largest drop in prices will be around major cities like Copenhagen, Aarhus and Aalborg, where house prices are expected to drop by an estimated 5.7 to 7.0 percent.

However, in South Jutland, the rural west of Denmark, house prices are expected to see the smallest decline.
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