Copenhagen Property Market Report 2020

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Sustained housing demand Fortsat efterspørgsel på boliger

Residential transaction volume

DKK billion 12

Gennem en årrække er indbyggertallet i København steget, men alligevel har nybyggeriet af boliger – indtil det seneste par år – været begrænset. Det har resulteret i et stort opsamlet underskud af boliger og i stigninger i såvel priser på ejerboliger som huslejeniveauer. Lejeniveauerne bliver dog testet i øjeblikket. De dyreste, nye og store lejligheder har nået et niveau, som mange familier ikke har råd til, og udlejerne er begyndt at opleve tomgang – både ved førstegangsudlejning og ved genudlejning. Det danske boliginvesteringsmarked har tiltrukket mange internationale investorer, og danske pensionskasser har i øget omfang set på boliginvesteringer som attraktivt alternativ til obligationer. Samlet har det – og et begrænset udbud i forhold til efterspørgslen – presset aastet ned på et historisk lavt niveau. Markedet for ejendomme opført før 1992 er præget af en vis nervøsitet blandt investorerne, fordi regeringen har varslet et politisk indgreb mod moderniseringer og efterfølgende lejeforhøjelser. Copenhagen has seen years of population growth, but still residential new construction has been fairly limited – up until a couple of years ago. This has resulted in a substantial accumulated housing shortage and prompted increases in ownership housing prices as well as in rent levels. However, rent levels are currently put to the test, for the most expensive, new large-sized ats having reached a level that many families cannot a§ord, with landlords starting to see vacancies – both at rst-time letting and re-letting. The Danish residential investment property market has attracted many international investors, and domestic pension funds are increasingly considering residential investments to be an attractive alternative to bonds. Overall, this – along with limited supply relative to demand – has caused yield compression to a historical low. The market for properties predating 1992 is gripped by a fairly jittery investor sentiment as the Danish government has warned of political action against modernisation schemes completed for rent increase purposes only.