The offers only look attractive at first glance. In practice, the new owner takes over not only the premises, but also the liabilities – often long-term renovation loans taken out by housing cooperatives – informs Interia.pl.
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These are mainly blocks from the 1970s, which generate high costs related to the repayment of long-term renovation loans taken out by cooperatives to replace outdated installations. In many cases, the sum of liabilities exceeds the actual value of the property, which means that the current owners prefer to “give the problem away” rather than continue to incur maintenance costs.
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As real estate agents emphasize, this is the result of deeper demographic changes. Today, Kuhmo has approximately 7,300 inhabitants. inhabitants – by over 2 thousand less than a decade ago. Population outflow, an aging population and a lack of new buyers are causing local real estate markets to lose liquidity.
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Real estate is no longer a safe investment
According to experts, there will be more and more similar offers, especially in regions far from large economic centers.
Forecasts by Finnish banks indicate that in the next 20 years, up to 30 percent will enter the market. old housing stock. According to Statistics Finland, Finland is one of the few European Union countries where real estate prices have dropped significantly. While in the countries of Central and Eastern Europe and in the south of the continent prices have increased by up to 50-200 percent since 2010, in Finland there have been declines of several percent, and in many regions real estate is no longer perceived as an attractive investment.
