Nordicum - Real Estate Annual Finland 2017 | Page 3

Northern Lights Shine the Brightest

Speeding up the growth path , Oulu is set to capitalise on a wealth of opportunities in Arctic Europe
To paraphrase an adage from the Old West : “ Go North , young man !” Oulu ’ s population is the youngest of all European cities and , even more importantly , it is the fastest growing city in the Nordics . In September 2016 , the City of Oulu reached 200,000 citizens , and the Oulu Region now boasts a quarter million people . Hailed as the “ Capital of Northern Scandinavia ,” Oulu is poised to be one of those pioneering European cities that are pushing the boundaries of technology , creating innovative business models in the wake of engineering prowess .

S eija Haapalainen , Senior Adviser in

BusinessOulu points out that Oulu has benefited from Nokia ’ s strong presence in town in mobile phone and mobile networks businesses . During the company ’ s heyday as a mobile phone giant , Oulu shouldered the load for some of the most innovative R & D on the planet . As Nokia pulled the plug on the handset operations in the city , Nokia mobile network operations continues on the full speed and at the moment Nokia with large local ecosystem is working on 5G development . The accumulated brain power of mobile handset did not become obsolete – far from it , actually .
“ Nokia and its successor Microsoft had facilities totalling 90,000 square metres . Now , instead of having just one big company , 126 smaller companies have taken over the same space , employing as many as 4,300 people ,” Haapalainen says , adding that it comes as no surprise to the natives that such a comeback was in the cards – but the rapid ascension of so many formidable players has been quicker than many experts predicted .
These companies , rooted on top-notch ITC expertise , have found that the Northern ecosystem keeps creating one opportunity after another – for those willing to venture outside the box .
“ As a consequence , we have a rejuvenated corporate base and also international companies are establishing operations here since they are eager to explore the local synergies .”
Builder ’ s Paradise
And it ’ s not like ICT is the only game in town . Also the construction business is booming : the City of Oulu ’ s Building Supervision Committee has estimated the market value for green-lid construction in 2016 at approximately EUR 1.5 billion .
Building permits during Jan-Sept
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