Among the buyers of apartments in Finland are Russians, whose origin of wealth raises questions, journalists noted
Photo: EPA/HOW HWEE YOUNG
Russians are taking advantage of a loophole in Finnish law that allows them to buy real estate in the country despite existing restrictions, Finland’s public broadcaster Yle has reported.
Finland has banned real estate purchases by Russian citizens for security reasons. However, the restriction does not apply to apartments, which are typically acquired by purchasing shares in a housing company.
According to an investigation by Yle’s MOT journalism program, thousands of Finnish apartments are listed for sale on Russian websites, and Russians continue to buy them. Some buyers have unclear sources of wealth: tax data shows that certain individuals have little to no income, yet they have acquired dozens of apartments.
“Although individual apartments do not pose the same security risk as large residential areas, this issue must also be examined. […] A situation in which, for example, in a remote location, the entire share capital of a housing company ends up in the hands of a hostile actor could suddenly become a security threat,” said Defence Minister Antti Hakkänen.
Hakkänen noted that legislation in this area is expected to be further tightened. However, he acknowledged that introducing monitoring of apartment transactions conducted by Russian buyers will be challenging and resource-intensive.
“Hundreds of thousands of housing company transactions are carried out every year. We are talking about a completely different scale compared with monitoring real estate purchases. Nevertheless, I want this issue to be addressed,” the minister added.
At the same time, the investigation found that thousands of apartments and other properties in Finland are being sold by Russians themselves, as access to holiday homes has become extremely difficult due to, for example, the closure of the eastern border. MOT also identified around 50 housing companies where Russian shareholders have repeatedly and for long periods failed to pay their fees. According to the report, many Russians have “practically abandoned their apartments.”
The Finnish Parliament on April 11, 2025 unanimously approved the government’s proposal regarding a complete ban on the purchase of real estate by Russian citizens. The prerequisite for the adoption of the law was the deterioration of the security situation.Hakkianen on October 24 blocked 11 transactions of real estate sales in the country, with Russians among the potential buyers.