https://www.etuovi.com/kohde/m27767?haku=M1460206236
This one is in Niemenranta for 279K, 62 m2.
I sold a similar place 6 years ago next to the Tre Työväen Theatre right in the middle of the city for 110K less, and I was able to sell slightly higher than the average price in the area due to the renovation and made about 50k over what I paid in 2008. The prices on new places are insane.
Oh, and I was paying 120€ HV.
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People are pushing themselves to the max to buy these kinds of places and there are tens of thousands f them around Finland it seems. When the economic crisis comes and pushes interest rates upward and those on the edge can't cope, watch the prices tumble. If you want a new apartment, have your cash ready.
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That's very true. I could understand Tampella close to the rapid and the lake. But Niemenranta. It's too far from the city center.
Yes, you're right about that segment of the market.
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It really is insane. There will be 5-10,000 people living there once it is done. 15 years from now, it won't be new and the people who bought there won't be able to sell. They are creating the future slums.
Edit: Finnish slums that'd be. Not exactly the Barrios of Brazil.
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I could stomach €200,000, somehow. But €280,000 at that distance from the city centre, despite the tram terminus and the lake right next to the building? Even with the gorgeous lake views, the price level is too much for anyone rational.
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I would be wary buying there with lake views, as they have been selling them for years with lake views, and then building the next string of buildings in front of the last. It is like that nonsense student building that they put in the middle of Tampella. I'd be furious if I had bought a few years earlier at a premium, only to end up looking at blank wall.
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Yes, that part of the housing market is in bubble territory. The trick is that only a half or so of the loan is personal. The rest is in the name of the corporation owned by the homeowners. The buyer only pays interest on the corporate loan for the first couple of years...
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Yes. And they get used to paying a low amount for a couple of years + no HV or YV for many in that time too... then suddenly, they have 1500€ to cover - it is going to be a bit of a lifestyle shock for them. Add a percent or two interest rate climb, or the 5 it was in 2008 and things get painful very fast.
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