More than 36,000 homes were sold in Sweden in the three first months of the year, an increase of eight percent compared to the same period last year, according to property site Hemnet. Their total value amounted to 114 billion kronor, 11 percent more than last year.

The only other years where more properties were sold in the first quarter were during the pandemic in 2021 and 2022.

“Now that interest rate cuts are getting closer, buyers dare to act to a greater extent. Sellers got a tailwind, so to speak, in the tug-of-war between sellers and buyers that have characterised the market in the past year,” Hemnet analyst Erik Holmberg wrote in a statement.

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The northern Jämtland and Norrbotten regions saw the biggest rise in properties changing hands: 36 and 20 percent, respectively.

The only two regions that saw a downturn compared to 2023 were Blekinge and Kronoberg, both in southern Sweden.

Not only are more properties being sold, but it looks like the trend of falling prices may also have turned.

Last month, property prices rose for the third month in a row, with SBAB chief economist Robert Boije telling the TT news agency that there was a “bright outlook” for the market.

“If nothing unexpected happens, the worst is over,” he said.

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In total, property prices have risen by around four percent since the start of the year. When adjusted for seasonal changes in property prices, the underlying trend is also positive.

“We’re confident about what’s around the corner. But at the same time, I want to be cautious, and I don’t believe there will be any major price increases. There probably won’t be a bull run on the price front,” he said.