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Revision of housing purchase permits in Finland not affecting demand of Russians

Transactions have been falling for several years in a row and the volume is now close to zero

MOSCOW, November 24. /TASS/. Finland's ban on Russians making real estate deals in the country is inconsequential, as demand stands at zero as it is, founder of the Nevsky Prostor realty agency Alexander Ginovker told TASS.

Defense Minister of Finland Antti Hakkanen earlier suggested no longer allowing Russians to buy apartments through stock purchases in housing companies.

"It was regular practice for Russians in Finland to buy apartments through the purchase of stocks in housing companies. This was once very common, but the inflow of buyers has almost vanished. Transactions have been falling for several years in a row and the volume is now close to zero. That is why the revision of permits will not change the demand in any way," Ginovker noted.

The demand for real estate had been fading even before the discussion on the new rules, he said. "The situation reminds of the recent airport opening: the event is formally significant but in practice, the market went into a pause before and this step just fixes actual earlier developments," Ginovker added.

Viktor Sadygov, the owner of the Nika Estate international realty agency, urged to be vigilant when buying real properties overseas. "Russians are more vulnerable than local residents in any market now," he told TASS.

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