This bears more investigating, thanks.
It is a property bubble ONLY IF their banks are handing out sub-prime mortgages. Only if they have similar laws and institutions as Fanny & Freddie. Only if their politicians are threatening the banks of serious investigations unless the banks grant mortgages to people who can never make the payments.
Note for many decades out properties kept on ascending merrily along, year after year with no problem. Only when the banks were blackmailed into giving out sub-prime loans the bubble burst.
Lots of Russian money going into houses in Finland.
They keep a low profile in Russia and have their resort get-a-way in Finland. Lakeside property is in great demand. Many lakes to choose from.