Finland to Review Security Risks from Russians’ Mass Apartment Purchases

Finland will examine the national security risks linked to the mass purchase of real estate by Russians.

Defence Minister Antti Häkkänen said this, according to Yle.

Helsinki has banned Russians from buying real estate in the country for security reasons. However, the ban does not apply to apartments, which are typically acquired by purchasing shares in housing companies.

An investigative report by Yle MOT discovered that thousands of apartments in Finland are being advertised for sale on Russian websites. Russians continue to actively buy housing, including in the Helsinki metropolitan area.

Some buyers are Russians whose sources of funds appear suspicious. Tax records show they report little to no income, yet they have bought dozens of apartments.

Häkkänen adds that although individual apartments do not pose the same security risk as large plots of land, this issue must also be reviewed – because if many apartments are purchased, the situation may be different.

The Minister noted that during this parliamentary term, Finland will strengthen the relevant legislation.

“The situation in which, for example, the entire share capital of a housing company in a remote area ends up in the hands of a hostile actor could suddenly create a security threat,” Häkkänen says.

At the same time, he noted that monitoring Russians’ housing transactions in practice would be difficult and require significant resources.

Currently, Finland has no statistics on how much housing is owned by Russians. Tens of thousands of people of Russian origin live in the country, and many have purchased homes for themselves and their families.

Finland is conducting large-scale military exercises near the Russian border involving conscripts and reservists. Their aim is to improve unit combat readiness and coordination, as well as to provide practical training for troops to carry out missions in wartime.

The maneuvers are taking place during the current and following month and involve all branches of the armed forces, including the border guard service.