Swedish property market troubled by sharp drop in sales: mortgage lender

STOCKHOLM, Sept. 1 (Xinhua) -- Sales of off-plan and newly built property have plummeted in Sweden, and a majority of buyers now cancel their purchases before moving in, a leading mortgage lender said on Friday.

In the second quarter of this year, sales dwindled to less than 25 percent of the level prior to May 2022 when Sweden's central bank, the Riksbank, started raising key interest rates, state-owned SBAB Bank said in a press release.