Real estate developer Invego sold new homes to Estonians worth 48.9 million euros in 2023, which was 5% more compared to the previous year.
Last year, 215 new apartments and townhouse homes with a total area of 15,700 square meters were sold in the Luccaranna, Tiskreoja, and Uus-Järveküla developments, with an average sale price of 227,000 euros. “Post-boom, it is clear that reliable developments offering a complete concept and quality environment are preferred in new developments. A nice apartment or house alone is no longer enough, as homebuyers are increasingly discerning,” confirmed Invego CEO Kristjan-Thor Vähi, who emphasizes the importance of the investment in a new home being profitable for the owner even years later. “For many, buying a home is the biggest investment decision for decades. For every development, we have a clear vision of why it should not only maintain but also increase its value,” Vähi explained.
“The Estonian real estate market has undergone a significant cooling. Growth is mainly seen in offering a wider product range and expanding geographic reach,” said Invego CEO Kristjan-Thor Vähi, adding that the success achieved in Estonia has encouraged Invego to start operating in the neighboring country Latvia and recently also in the real estate market on the other side of Europe, Portugal.
“Currently, four distinctive projects targeted at slightly different buyer groups are under development in Latvia. In Southern Portugal, we will start developing a residential and leisure area with 160 villas on hills near the historic capital of Silves at the end of this year,” Vähi said, also revealing that the first 8 villa reservations at Silves Hills have been made by Estonians. “The Portuguese climate is well-suited both for year-round living and for vacation or winter stays. Property there is among the more affordable in so-called Old Europe and is also a good investment, as there are relatively few modern developments in the popular sunny Algarve region of southern Portugal, and demand for them is high,” Vähi explained.