On Thursday, December 12, Finland’s Ministry of Defence announced that it blocked seven real estate transactions involving buyers outside the European Union (EU) and the European Economic Area (EEA). The decision was made because allowing these acquisitions could pose a threat to national security. The individuals seeking to purchase the properties were private citizens with Russian citizenship.
Helsinki has been working to limit property purchases by Russian citizens near strategic locations, and this is not the first time such actions have been taken. In October 2023, three transactions were blocked, followed by another three in January of this year.
Minister Antti Hakkanen said the Ministry of Defence carefully investigates the backgrounds of every real estate buyer outside the EU and EEA. He emphasised that “protecting our national security is particularly important in the current security situation.”
The latest blocked transactions involved one property in Pargas, located on Finland’s southern coast, and five properties in Kokemäki, in the southwestern part of the country. In September, Finland’s government proposed banning most Russian citizens from purchasing property there. Relations between Finland and neighbouring Russia have deteriorated since Moscow’s full-scale invasion of Ukraine in 2022, forcing Helsinki to join NATO after decades of non-aligned policy.
