Russians are selling summer houses in Finland

June 3, 2014

Russians are selling summer houses in Finland

In 2013, Russians have bought 2 times less houses in Finland than in 2008 - a total of about 400. And in the middle of this year, realtors say about the continuation of this trend: citizens of Russia are trying to sell summer houses in Finland, reports ee24.com citing yle.fi.

Yekaterina Plyasova, director of the St. Petersburg company FINMA, says that customers are increasingly request to sell Finnish cottages: few years ago there were only several offers a year, and now there are several offers per week.

Reducing of demand for houses in Finland and the desire to sell are related to the weakening of the ruble and the tightening of requirements of Finnish banks. Loans to non-residents account for about 50% of the property value, and the interest rate varies between 5% and 8% per annum. Recently it has become more difficult for foreigners to get a mortgage in Finland.