Ban on Real Estate Transactions: Finland Closes the Market to Russians and Belarusians

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On July 15, 2025, a new decree came into force in Finland banning Russian and Belarusian citizens from purchasing real estate. The measure, aimed at protecting national security, was reported by Yle.

According to the new regulation, property purchase permits will no longer be issued to citizens of countries that violate other states’ territorial integrity and pose a threat to Finland. Defense Minister Antti Häkkänen called the law a vital step in strengthening the country’s resilience to external influence. In a post on X, he said: "This is about strengthening Finland’s security and preparedness against various forms of influence." He emphasized that the need for such measures existed even before the war in Ukraine.

RIA Novosti clarified that the ban specifically targets land plots—apartments in multi-unit buildings are not affected. However, according to the Finnish Ministry of Defense, the restriction also applies to legal entities registered in countries deemed security risks or controlled by their citizens, extending the ban to associated companies.

The full ban applies to Russian and Belarusian citizens without permanent residency in Finland. Those with PR or dual citizenship must obtain a special permit to purchase land, under existing procedures.

Finland has regulated foreign real estate transactions for many years. Until 1993, foreign citizens needed special permits to buy property. After joining the EU in 1999, restrictions were lifted, but geopolitical changes led to renewed controls.

Since January 1, 2020, nationals of non-EU/EEA countries must apply to the Ministry of Defense for property purchase approval. The same rule applies to companies with over 10% foreign (non-EU) capital. The ministry can deny or retroactively revoke approval, especially for properties near sensitive zones—military bases, borders, ports, and infrastructure.

The new law is part of Prime Minister Petteri Orpo’s government program. A working group was formed in summer 2024, and the policy took effect after its autumn review. Russia’s embassy in Helsinki stated that around 20,000 Russian citizens could be affected. Experts say the impact on Finland’s property market will likely be limited.

According to Finland’s National Land Survey (Maanmittauslaitos), the peak number of real estate purchases by Russians was in 2008—907 deals, followed by 698 in 2007. From 2009 to 2012, 500–600 deals occurred annually. In 2013 it dropped to 387, in 2015 to 147, and in 2018 to 124.

Russians bought 154 properties in 2019, 128 in 2020, and 182 in 2021. Another peak followed in 2022—295 deals—likely as a response to the Ukraine war. In 2023, purchases fell to 107, and only 82 were recorded in 2024. In H1 2025, just 24 transactions were logged—a 12-fold drop in two and a half years.

For comparison, property acquisitions by Swedes, Norwegians, and Danes also declined: from 102 deals in 2019 to just 35 in H1 2025.

Other EU citizens maintained interest in Finnish real estate until recently. From 503 deals in 2019, the number rose to 739 in 2022. It remained steady in 2023–2024 (653 and 662, respectively), but dropped to 253 in H1 2025, indicating market cooling or anticipation of further restrictions.



The ban on property purchases by Russians and Belarusians is the culmination of Finland’s efforts to tighten control. While the market impact may be limited, the move reflects heightened geopolitical tensions and Finland’s intent to minimize security risks. Given declining Russian activity in the property market, the new ban simply formalizes a trend already in motion.

See also:

Finland Tightens Family Reunification Rules: Age, Income, and Residency Limits
Finland Eases Rules for Labor Migrants: Extended Stay and Employer Oversight
Finnish Housing Market: Fewer Transactions, Cautious Demand, and Investment Risks
Residence Permits and Asylum in Finland: New Restrictions in 2025
Russian-Speaking Population in Finland Surpasses 100,000: Over 11% are Non-Finnish Speakers