Owners, housing companies spend €6.4b for renovations in 2020

Owners of dwellings and housing companies renovated their dwellings and residential buildings to the tune of EUR 6.4 billion in 2020, according to Statistics Finland.

The amount of money spent on renovations went up by 6.2 per cent from the level of 2019.

Growth was especially recorded in the renovations directed at terraced houses and detached and semi-detached houses.

EUR 3.2 billion were spent on renovating detached and semi-detached houses. EUR 2.4 billion were used on renovations to blocks of flats, and EUR 810 million to terraced houses.

Most of the renovations to blocks of flats, EUR 1.9 billion, were spent on renovations made by housing companies and the remaining EUR 500 million on self-made or contracted renovations by owners of dwellings in blocks of flats.

Terraced house companies used EUR 500 million on renovations and owners of dwellings in terraced houses EUR 310 million.

Housing companies were asked about large renovations planned for the next ten years. Nearly 18 per cent of the housing companies that answered the question were planning a roof, façade and yard area renovation. Fifteen per cent were planning a water supply system renovation.

About 13 per cent of the companies in question were planning a heating system and sewerage system renovation.

The renovation costs of state-subsidised rental dwelling companies amounted to EUR 506 million in 2020 and to EUR 448 million one year earlier.