It seems that the younger generations are impatient, they want their "dream home" as their first home - it is insanity, as they go in with very little collateral, but are buying the top of the market.

I had to start again in Finland, so my second home was bought in 2008, a little apartment that I made 30% on, then scaled down to a larger full reno apartment for half the price of the last, that we (now with wife) added more to our collateral on and then, bought this fixer-upper house, which we hope to be in for a while but if not, we can sell for another gain after the work we have done.

What was interesting was, the bank would have given us a loan for around 400K, but wouldn't give us a loan to spend 230K + 70 for a renovation, to increase the value of the house to 380. They don't want people making gains with sweat equity.