Monday, 7 January 2008

Luxury Flat In Helsinki, Who Wants Them?

"A number of new luxury flats recently built in Helsinki are still waiting for a buyer, as well as dozens more that are nearing completion."

It tells you as well that at some point oversupply is going to shoot up drastically and inventory is building up with no signs of stopping...

"In spite of the apparent oversupply, real estate agents and builders remain confident in continued demand for prime real estate. Hundreds of new dwellings are to be built in the coming years near Helsinki's waterfront areas."

They know as well that it all depends on the state of the economy and on the banks willing to lend and take risk. I think the latter have proven weak or is deteriorating...

"Close to ten homes in luxury row houses built on the shore in Herttoniemi remain vacant, and work another ten is expected to finish soon."

"A change has taken place in recent months in the market for luxury apartments, says Eljas Repo, editor in chief of Arvoasunto, a specialist publication for real estate investors.
'Price levels have come down, and buyers have become more cautious.' Eljas Repo says that the unsold apartments in Eiranranta are clearly speak of a change in the market for high-priced homes."

Indeed time has changed, even people flush with money don't see it as a good investment or maybe because they are preparing themselves for difficult time?

"Nina Uitto, CEO of the Kiinteistömaailma Bulevardi agency disagrees.
Uitto says that old luxury apartments are selling well, and that not all of those that are available are ever advertised in public. "

So luxury apartments that are not advertised to the public are selling better than the one advertised...I think Nina Uitto should go for a career in politics, she has all the ingredients to become a great one... Ms Nina, time has changed and you should seriously think about consolidation otherwise banks will start knocking at your company door sooner than you expect...

Source: HS
Related: Eiraranta Flat


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