Internationalisation has boosted the growth of the Finnish property market

Internationalisation has boosted the growth of the Finnish property market

Written by Paola Meleleo, Realigro Real Estate Development Area, paola.meleleo@realigro.com

 

Finland  was ranked 6th in the 2008 World Economic Forum on Global Competitiveness. The competitive economy of the country has favoured the internationalisation of the property market. The strong international competitiveness derives from the country’s political stability, the use of natural resources, the ability to react promptly to crises and structural changes, the excellent human capital and the availability of state-of-the-art ICT technologies.

Finland has opened its economy to foreign trade; indeed, its success depends highly on export industries. Nonetheless, several other factors have determined the excellent outcome of Finnish economy: the country’s cultural characteristics and its egalitarian society.

The real estate sector has been particularly flourishing between 2001 and 2008. Since the Finnish real estate market has been internationalised, numerous foreign players have entered the market. Two-thirds of transactions involved overseas investors in 2007. International investors have introduced new practices in the property investment process and the volume of property transactions has increased thanks to the higher level of foreign investments.

Due to the internationalisation of the property market, real estate agents and advisors play a fundamental role in property transactions, above all if the investor comes from a foreign country: in this case, legal, financial and technical experts cooperate in order to guarantee excellent investments to overseas property purchasers.

The commercial and office markets are the most appealing sectors in the property market of Finland. The demand for modern and well-equipped office space located in well-connected places is very high, above all in the metropolitan area of Helsinki, the capital city, where office rental yields are very attractive and new office space is being developed. Ruoholati, Espoo and Vantaa areas are also very interesting investment destinations.

There are also excellent invesment opportunities in the residential sector. The government is supporting the building of new housing facilities. New residential properties are being built in major cities such as Helsinki, Vantaa, Hämeenlinna and Kerava. The offer of the Finnish property market includes terraced houses (rivitalo), single-family detached homes (omakotitalo), lakeside cottages (mökki), log cabins (hirsirakennus), mansions (kartano), seaside homes, lofts (loft-asunto), Art-deco buidings, Art-Nouveau historical palaces, environment-friendly houses (ympäristöystävällinen talo), bungalows, commercial properties, business park type properties, warehouses (varasto), shop premises, single-tenant offices, multitenant office buildings, industrial and logistics premises among the others.

Finland  is a very competitive country. Internationalisation is a key word to succeed. It has been a winning choice in Finland. The real estate market is experiencing a great growth. The legal system is uncomplicated, but it is always advisable to be assisted by professional real estate agents who know the situation of the market and the procedures involved deeply and can manage the transaction effectively.

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