Real estate purchases by Russians increased by 64 percent in 2022 compared to the previous year, despite various restrictions aimed at limiting Russian property purchases.
Russians made 298 real estate transactions in 2022, while the previous year there were 182, according to the National Land Surveyor of Finland's figures.
The last time Finland saw a similar level of such real estate transactions was in 2014, when 287 properties were sold to Russian nationals.
Both purchases and sales
Russians also sold off many of their real estate holdings last year, according to Anu Sallinen, a ministerial adviser at the Ministry of Defence.
"Finland is not being bought piece by piece. In fact, there has been a clear decline in Russian transactions since the visa and border regulations came into force on 30 September 2022," Sallinen clarified.
Esa Ärölä, a senior specialist at the National Land Survey, said that the sharp increase in Russian transactions was largely explained by so-called family transactions. Russian nationals have been selling properties they own to relatives, often only a plot or part of a property.
The prevalence of these type of sales is reflected in prices — the average sum for such transactions last year was 65,400 euros, a clear decrease from the previous year.
Some of the transactions resulted in more owners of each property, possibly due to Finland's laws easing visa attainment for property owners.
"Property is no longer an automatic reason for entry, even if you have a visa," Sallinen noted.
Vast majority are already living in Finland
The majority of Russian who bought property recently already lived in Finland, according to Sallinen.
"Between 2020 and 2021, around 70 percent of Russian buyers lived permanently in Finland. Then in 2022, from the beginning of the war in February until the autumn, 48 percent of buyers were Russians who lived in Finland. After the visa restrictions [went into effect], the ratio returned to 70 percent," Sallinen explained.
All non-European Union (EU) or non-European Economic Area buyers of real estate must obtain a purchase permit from the Ministry of Defence. In one case in October, the ministry refused to grant permission for a Russian citizen to purchase property.
"Currently, almost all applications for permits from Russians come from people already living permanently in the country. Most applications come from South Karelia, Kymenlaakso, South Savo and North Karelia," said Sallinen.
Most of these properties in eastern Finland are either for residential or leisure use.
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