In the small town of Kemi, Finland, particularly in the Rytikari neighborhood, apartments are being sold for remarkably low prices, sometimes for just a few hundred euros. This phenomenon is drawing an increasing number of foreign buyers, including interested parties from Spain. According to real estate agent Mikko Ryynänen, 15% of Kemi’s apartments were sold to foreign buyers last year, and this trend of international interest is expected to rise. The factors contributing to these low prices include an oversupply of housing built for a population of 30,000 when the current resident count is down to below 20,000.

The appeal for foreign buyers lies in the availability of properties on their own land and the proximity to Rovaniemi, a city known for attracting tourists, including those visiting Santa Claus Village. The Kemi area, particularly Rytikari, was once a bustling neighborhood that served the workers of the nearby Veitsiluoto industrial area. However, the closure of the Veitsiluoto factory by Stora Enso in 2021 led to job losses for hundreds, which has also affected the local housing market adversely.

Real estate developments in Kemi reflect broader economic patterns linked to industrial changes. The economic conditions have led to significant price drops, creating opportunities for foreign investors and buyers looking for affordable housing options in Finland. With the increase in foreign interest, Kemi's real estate market may experience a transformation, potentially revitalizing the local economy and neighborhood demographics in the years to come.