The latest quarterly report from Statistics Finland reveals a 3.6% year-on-year increase in property maintenance costs during the third quarter of 2023 compared to the same period in 2022. Among the components of property maintenance expenses, waste management costs experienced the highest growth, rising by 9.9%. Water and wastewater costs increased by 4.6%, repairs by 3.4%, heating by 7.0%, administration by 3.6%, usage and maintenance by 5.0%, and outdoor area maintenance by 5.9%. Cleaning costs saw a 6.4% increase, while insurance costs rose by 2.0%. Electricity costs, however, decreased by 6.2% compared to the previous year.
Key Highlights:
- Electricity costs showed a decline in the third quarter.
- Property maintenance service costs increased more than the overall index.
- Maintenance costs for residential apartment buildings saw the highest increase at 4.8%.
- The overall index decreased by 1.9% compared to the previous quarter.
- Maintenance costs for residential apartment buildings saw the highest increase at 4.8%, followed by industrial buildings at 1.2%, office buildings at 2.8%, retail buildings at 2.3%, daycare buildings at 3.9%, school buildings at 3.7%, and health center buildings at 3.8% compared to the previous year.
It’s worth noting that property taxes and land rent are not included in the property maintenance cost index (2015=100).