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Recent developments in Finland regarding the ownership of real estate by Russian nationals highlight growing concerns about national security. Minister of Defense Antti Häkkänen has stated that the ownership of property by Russians poses a potential threat, prompting Finnish authorities to evaluate the risks associated with such acquisitions. This discussion was ignited by an investigation from Finnish broadcaster Yle, revealing thousands of apartments for sale on Russian websites, with many Russians continuing to actively purchase property, particularly in the metropolitan area of Helsinki.
Yle's analysis of over a hundred housing company registries showed that Russians have been buying hundreds of apartments in Helsinki and its suburbs until recently. Some buyers, who own dozens of apartments, have minimal or no reported income according to tax records. Moreover, Yle identified around 50 properties where Russian owners have consistently defaulted on fees, with many located near the Russian border, such as in Imatra. Some housing companies have already initiated procedures to forcibly buy back properties from Russian owners.
While Finland has previously prohibited real estate purchases by Russians for security reasons, this ban does not extend to apartments, which are bought through shares in housing companies. The minister emphasized that while a single apartment may not pose a significant threat, extensive ownership of real estate can indeed be alarming, especially if an entire building in a sparsely populated area comes under the control of a 'hostile player.'
No official statistics exist on the number of apartments owned by Russians, but tens of thousands of Russian citizens and expatriates reside in Finland, having acquired housing for personal reasons. The government clarifies that the focus is not on these individuals but rather on cases involving dubious capital sources or an unusually high number of properties under one owner.
Häkkänen acknowledges that monitoring transactions regarding apartments will be challenging and resource-intensive, as hundreds of thousands of transactions for shares in housing companies occur each year—far greater than land transactions. Nevertheless, authorities are determined to address this issue amidst upcoming legislative tightening. MP Suuna Kymyäläinen, one of the first to advocate for restrictions on Russian transactions, describes the allowance of apartment purchases as a 'glaring loophole' in the law, criticizing the ongoing legal allowance for housing transactions.
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