In recent months, I’ve come across countless apartments from the Ålandsbanken Housing Fund for sale in the Helsinki-Vantaa-Espoo area, which already have tenants. These are mainly family-sized apartments, from two-bedroom upwards, which few people buy for investment purposes.
One observation from the annual report:
> During 2025, the Housing Fund sold a total of 239 apartments and 94 parking spaces for a total of approximately 53 million euros.
The funds from these 53 million euro sales were practically all used to pay off housing company loans for the sold properties, fund company fees, and to cover negative cash flow. Approximately three million euros were left for redemptions:
How does the table heavily question the current balance sheet values? There seems to be a strong consensus on the forum that the fund’s apartments should be valued at the so-called market price?
The fund states its properties and their valuation in its annual report. First on the list is Asunto Oy Vantaan Piletti, of which the fund owns 38 apartments with an average size of 64 square meters, and 41 parking spaces.
The average square meter price for the apartments in the fund’s balance sheet is approximately 4,900,-.
Etuovi (Finnish real estate portal) shows that three two-room apartments, with sizes of 53, 56, and 58 square meters, have been sold (removed from listings) from the housing company in the last 6 months, and the average asking price has been approximately 5,300,- / square meter.
So, this case doesn’t seem to support the narrative of massive overvaluations in fund balance sheets either.
The square meter price of the one-bedroom apartments you mentioned has varied between 4498€ and 6208€. Defining an average square meter price from these asking prices is somewhat impossible.
Your example does not support any narrative about fund valuations. Ålandsbanken’s housing fund owns approximately 35% of the apartments in the said housing company, and the average size of the owned apartments is larger than any of the one-bedroom apartments that were for sale. The net rental yield from those fund apartments is less than 4%, and they are cash flow negative.
Yes, from nine properties, one can calculate the average price per square meter with a calculator if desired. Just add up the asking prices and the square meterage, then divide the resulting numbers.
What does it tell you about the correct price of apartments in this particular housing company, if the difference between the lowest and highest asking price is over 30% with a sample of three apartments/two-room flats? To me, it tells absolutely nothing, and based on that, I would not start to estimate the correct value of the apartments owned by those funds.
So yes, based on these presented asking prices, it is impossible to determine the value of the apartments owned by the fund in this housing company. The valuation would require considerably more precise data on rental income, etc. Actual transaction prices in this company would also be a good start, as the data you presented included that one remarkably expensive property. The average price per square meter of the other two two-room flats, calculated from the asking price, was roughly 4900 euros.
This video should be of particular interest in this thread; Iikka discussed the principles of wealth management and investing with Titanium’s Director of Wealth Management, Mikko Ervasti.
Topics:
00:00 Introduction
00:22 Titanium’s Mikko Ervasti
01:52 Misconceptions about starting investing
06:30 Allocation in investing
07:52 Diversification
09:54 Investing is social nowadays
11:06 What to consider when building a portfolio?
12:05 How to react to volatility?
16:09 What is good wealth management?
17:29 DIY and saving money
19:56 Elements of good wealth management
23:19 Inheritances are larger nowadays
24:38 The wealth management system
26:14 The end of the zero-interest rate era
27:38 The big picture matters
A small acquisition in the sector. Voima Gold, which specializes in physical gold, is acquiring T&B Capital, a small asset manager. T&B’s revenue is ~€400k/year, which implies an AUM (Assets Under Management) in the range of €50–100m. What’s more interesting here is that Voima is taking a step toward becoming a traditional asset manager. They’ve had a good run lately, and my understanding is that their AUM is +€200m.
