Tuesday, 15 January 2008

Russians Investors Slowly Acquiring Saima Region

"The number of real estate transactions is growing sharply in the Saimaa region. Last year nearly one in three euros came from Russia in connection with the sales of lakefront properties in Southern Karelia and Southern Savo, while one in five shoreline plots were sold to foreigners."

"Over the period from 2005 to 2007, there was a tenfold increase in the total sales of shoreline plots and summer cottages to Russian buyers, growing from less than EUR 4 million to EUR 40 million."

"Typically, the best and most expensive properties end up in Russian hands. While Finns mostly buy cottages worth around EUR 80,000, foreigners are looking for well-equipped villas that carry a price-tag of more than EUR 250,000."

"Building engineer Tapio Nevalainen has put on the market a shorefront house in Lappeenranta, with an asking price of EUR 830,000. He says that most of the prospective buyers have come from the other side of the eastern border. "

"I would rather sell to a Finn, but eventually money talks", Nevalainen notes.

First I would like to give a prize to Mr NeValainen for hypocrisis...That remind me the story of this Scotish guy that didn't want to sell its land to Property Guru Trump who was planning a Golf resort... Indeed here, another example that money can buy everything even the soul...lately some in the society are losing true values such as being proud, respect and honesty for the sake of materialism and money.

Who said that Finland housing market didn't have speculation build in it? When speculation goes , the market is distorted... Even a Strong Euro doesn't protect the market...you wonder.

This shows you as well that Russia is becoming a wealthy and powerfull country. Its citizen under Putin leadership are experiencing a wave of change that might bring a difference in the economical and geopolitical rules. Russia has learned lessons from the past, has grown stronger and is ready with China to conquer the world (?)
Source: HS

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