At the beginning of this year (in the first quarter), the volume of real estate transactions carried out by Russians in Finland fell by half compared to a year earlier, writes Yle.

However, other buyers became more active, in particular, Americans in January-March bought almost four times more apartments and other real estate in Finland than in the same period in 2022.

To buy property in Finland, buyers from non-EU countries require a permit issued by the Ministry of Defense. The number of licenses issued to Russians decreased from 66 to 30, while the number of licenses received by Americans almost quadrupled - from 5 to 19.

The Ministry of Defense explained the situation with regard to the Russians: firstly, the housing trade in Finland has generally slowed down, and secondly, entry restrictions came into force last fall.

“This has clearly affected the number of real estate transactions carried out by Russian residents in Finland, and the sanctions have also made it more difficult to transfer money (from Russia to Finland). All this together contributed to a decrease in the sale and purchase of real estate,” the ministry said..

After the introduction of restrictions, the possession of real estate in itself no longer allows the owner to enter Finland.

It is noted that the majority of Russians who bought real estate this year already live in Finland, while by the fall of last year, half of the buyers were from Russia..

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Recall that Finland officially became a member of NATO. It became the 31st member of the North Atlantic Alliance.