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Recent housing market trends
The rise in interest rates in the spring seems to have dampened turnover a little, but although the prices of single family houses have flattened somewhat in recent months, price increases for owner-occupied homes remain high. The highest increases have occurred in the Copenhagen area and to a slightly lesser extent in other cities. Especially the rate of price increase for homes in certain parts of the Copenhagen area is unsustainable, and there is a risk of a local house price bubble. During previous upswings, the housing market has been a source of macroeconomic instability and overheating of the economy, due to insufficient automatic stabilisers in housing taxation, among other factors. There are large geographical differences in taxation levels, as the effective property value and land tax rates vary across the country.