Asuntoosake

Asuntoosake is a Finnish term that translates to "apartment building" or "apartment property." It refers to a real estate ownership structure where an individual owns a specific apartment unit within a larger building, along with a share of the common areas and land. This form of ownership is prevalent in Finland and is analogous to condominium ownership in other countries.

When one purchases an asuntoosake, they acquire shares in a housing company (asunto-osakeyhtiö) that owns the apartment building. The ownership of these shares entitles the holder to the exclusive right to use a particular apartment. The housing company is responsible for the maintenance and management of the building and its common facilities, such as stairwells, elevators, laundry rooms, and outdoor areas. The costs associated with this maintenance are typically covered by monthly charges, known as "hoitovastike" (maintenance fee) and potentially "rahoitusvastike" (financing fee) if there are outstanding loans for building renovations or repairs.

Buyers of an asuntoosake become shareholders in the housing company and have voting rights in the company's general meetings, where decisions regarding the building's management and finances are made. This ownership structure allows for individual control over one's own living space while sharing the responsibilities and costs of maintaining the overall property.