SEB Nordic Outlook

55 Sweden: firm housing market-housing starts recovering Sweden: Home prices Index Aug 2017 = 100 130 120 110 100 90 80 70 60 2014 2015 2016 2017 2018 2019 2020 2021 - Total Valueguard Houses, Valueguard Flats, Valueguard Home prices at new highs, houses most important driver. Indicators suggest continued strong momentum in the near term. SEB Nordic Outlook Sweden: Housing starts 1000's 130 17.5 120 17.5 15.0 110 15.0 12.5 12.5 100 10.0 10.0 90 7.5- 7.5 80 80 5.0 my 5.0 70 2.5 2.5 60 0.0+ 0.0 1995 2000 2005 2010 2015 2020 Multi-dwelling buildings - Total - Single family homes Housing starts turning higher but so far moderately strong recovery. SEB

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