There are different types of property to buy in Finland, though their availability varies according to location within the country. These are the most common types of property:
- Blocks of flats
- Terraced housing
- Detached housing
Blocks of flats are the most common types of property in Finland. Flats tend to be fairly small but are not restricted to the built up cities. You can also find flats in spacious, green surroundings, thus offering some variety in terms of location to suit your preferences.
Detached housing is also a popular option, as the vast majority of Finnish homes are well equipped with excellent central heating and sewerage facilities. Most properties were built no earlier than the 1970s. Detached housing is generally only found in remote areas away from the main cities.
Terraced housing can be found in more urban areas and is becoming increasingly popular among property hunters.
Utilities in Finnish properties
Nearly every Finnish property has access to piped water and hot water from the tap. Most Finnish homes are heated by electricity and are generally well insulated.
Types of ownership in Finland
Direct ownership: Owning property in Finland generally means you own the land as well as the buildings on it. However in some cases you can only own the building and instead have a lease agreement with the landowner, usually the municipality.
Owner-occupied housing: Around half of all owner-occupied housing is owned and managed by housing companies. These companies issue the right to live in their properties to shareholders, who essentially sell their shares in exchange for the right to live in the property.
Residents pay a monthly fee to the company to cover utility bills and can also influence the housing company’s policies at open meetings.
Owner-occupied housing that is not owned by a housing company will generally be privately owned. In any case, the majority of owner-occupied housing consists of detached houses.
Part-ownership housing: The ownership of the property is shared between a group of people. Residents initially buy a 15% share of the property’s ownership rights and are then entitled to reside there for a fixed period of time, during which they must pay rent to the majority owner. At the end of the fixed time period, residents have the option to buy the property.
Certain financial and social factors can determine whether you are eligible to participate in a state-subsidised part-ownership scheme. Otherwise you can only engage in market-financed part-ownership schemes organised by housing companies.
Right-of-occupancy housing: Similar to part-ownership housing, residents pay for a 15% share of the accommodation as well as the monthly utility fees. The difference is that residents are not necessarily given the choice to purchase the property at the end of the agreement.
There are also state-subsidised and open-market schemes similar to part-ownership housing agreements.