Residents of bankrupt Lakea housing complex secure ownership of their Turku homes

Residents of the Nuutinkulma housing company in Turku have successfully purchased their building from the bankruptcy estate of Lakea, the now-defunct property developer, Yle reports. The deal, finalised last Wednesday, marks the first case in Finland where residents have collectively bought their home from a bankrupt developer.

The newly formed housing cooperative’s board has asked residents not to disclose the purchase price. “We absolutely do not want our company to continue being associated with Lakea’s bankruptcy,” the board stated in a shareholder notice.

The acquisition follows complications arising from Lakea’s “Omaksi” (Make It Yours) agreement, a rent-to-own model where tenants’ monthly payments partially build equity toward eventual ownership after 20 years. When Lakea declared bankruptcy, uncertainty arose over whether the accumulated payments would be recognised as residents’ assets.

“Some money might be recovered, but much of it is likely lost,” said Antti Heininen, one of the residents who now owns his unit outright.

Nuutinkulma is the first of Lakea’s 24 Omaksi properties across Finland to be resident-purchased. The remaining buildings—located in cities including Helsinki, Jyväskylä, and Oulu—were listed for sale in March. The Nuutinkulma deal progressed separately, as residents had initiated acquisition plans earlier.

A support association, Omaksi-sopijoiden tuki, has been established to advocate for residents in similar situations.