{"id":15896,"date":"2026-10-19T12:43:23","date_gmt":"2026-10-19T09:43:23","guid":{"rendered":"https:\/\/invego.ee\/?p=15896"},"modified":"2026-10-19T12:43:16","modified_gmt":"2026-10-19T09:43:16","slug":"winner-of-the-property-developers-top-to-competitors-well-leave-the-lowest-end-apartments-in-latvia-to-you","status":"publish","type":"post","link":"https:\/\/invego.ee\/en\/winner-of-the-property-developers-top-to-competitors-well-leave-the-lowest-end-apartments-in-latvia-to-you\/","title":{"rendered":"Winner of the Property Developers TOP to competitors: \u201cWe\u2019ll leave the lowest-end apartments in Latvia to you\u201d"},"content":{"rendered":"\n

According to Kristjan-Thor V\u00e4hi, founder and CEO of Invego Group, the winner of the Property Developers TOP, 2025 will go down in the company\u2019s history above all because of the completion of Krulli Park. At the same time, the company is rapidly expanding its operations in Latvia, and according to its CEO, competition in the real estate market will become even sharper next year.<\/strong><\/p>\n\n\n\n

\u201cAlthough we are known first and foremost as a developer of residential areas, last year will go down in Invego\u2019s history as the year of the Krulli Park business quarter,\u201d said Kristjan-Thor V\u00e4hi.<\/p>\n\n\n\n

According to V\u00e4hi, Krulli Park, with 36,000 square metres of leasable space and also known as the Wise quarter, is a project the company can be particularly proud of. The development received the Real Estate Deed of the Year 2025 title and the annual award of the Estonian Landscape Architects\u2019 Union, and was nominated for the annual awards of the Estonian Association of Interior Architects and the Cultural Endowment of Estonia, as well as for the Development Project of the Year title. In addition, the project has received recognition from the City of Tallinn for a renovation that enriches historical heritage, the Golden Egg award for environmental design, and bronze at the Estonian Design Awards.<\/p>\n\n\n\n

On the residential side, sales of the 508-home Tiskreoja residential area were completed last year. According to V\u00e4hi, the Keila Pargikodud development gained active momentum, and in Latvia, sales progressed at Miera Rezidences, Vitolu Parks and Marupes Sirds, developed together with the Eften fund.<\/p>\n\n\n\n

The number of homes sold this year grew by 40 percent<\/strong><\/p>\n\n\n\n

V\u00e4hi also describes 2026 as strong and busy. In the first half of the year, Invego sold a total of 118 new homes \u2013 43 in Estonia and 75 in Latvia. This was 40 percent more than in the same period a year earlier.<\/p>\n\n\n\n

In early spring, the Uus-J\u00e4rvek\u00fcla development, built together with the Eften fund in Estonia, and Parka Kvart\u0101ls in Riga, carried out in cooperation with Reterra, were completed. Recently, the builder also handed over the last houses of the Luccaranna residential area to Invego.<\/p>\n\n\n\n

\u201cIn other words, the second of our major projects here in recent years is also coming to a close,\u201d said V\u00e4hi.<\/p>\n\n\n\n

Among new projects, the company began building the Verve terraced house area in Haabneeme. According to V\u00e4hi, it is based on a novel architectural concept. In Riga, Invego brought two large-scale developments to the market \u2013 Tornakalna Terases and Nordale.<\/p>\n\n\n\n

On the commercial real estate side, a new office building was completed in Telliskivi, which according to V\u00e4hi is now 100 percent leased. Since early spring, it has also housed Invego\u2019s own head office.<\/p>\n\n\n\n

Up to three more projects may be added in Latvia<\/strong><\/p>\n\n\n\n

For 2027, V\u00e4hi\u2019s keyword is above all \u201cLet\u2019s do it!\u201d According to him, the company has a large number of projects underway at the same time, and next year\u2019s task is to carry them out as planned.<\/p>\n\n\n\n

\u201cEverything is actually going according to plan, there is just a lot of work,\u201d said V\u00e4hi. According to him, the large workload can be managed thanks to a team of top specialists. \u201cThose who do a lot, achieve a lot.\u201d<\/p>\n\n\n\n

According to V\u00e4hi, construction contracts have already been signed for all eight projects currently in public development in Latvia, and the developments are moving forward. He considers it entirely possible that Invego will launch another two or three new projects in Latvia within the next year.<\/p>\n\n\n\n

V\u00e4hi emphasised that the large project volume is not driven by a desire to simply build as much as possible. According to him, Invego\u2019s goal is to shape a diverse portfolio in Latvia, with developments located in different areas of Riga and its surroundings and intended for different customer groups.<\/p>\n\n\n\n

However, the company has deliberately given up one segment.<\/p>\n\n\n\n

\u201cThe only thing we really don\u2019t do in Latvia is the lowest-end apartments, because they simply would not meet the basic quality requirements we have set for ourselves,\u201d said V\u00e4hi.<\/p>\n\n\n\n

V\u00e4hi: statistics show the real state of the market with a delay<\/strong><\/p>\n\n\n\n

V\u00e4hi considers the current state of the Estonian real estate market to be considerably better than some official statistics show at first glance. In his assessment, the Tallinn market has been active for the past year to year and a half.<\/p>\n\n\n\n

As one sign of the market working, he highlighted new higher-end projects in Tallinn. According to V\u00e4hi, developers have launched three or four very high-priced projects in the capital, where the price per square metre exceeds 10,000 euros.<\/p>\n\n\n\n

In his assessment, the fact that these projects have reached construction means that the required number of apartments was already sold to obtain financing before the final transactions were concluded. \u201cThis is actually clear confirmation that the market is working,\u201d he said.<\/p>\n\n\n\n

According to V\u00e4hi, official statistics reflect what is happening in the market with a delay, as they mainly include real right contracts already concluded and transactions entered in the register. However, there may be several years between the start of sales of a development project and the final real right contract.<\/p>\n\n\n\n

For this reason, he says, statistics may show market turns with a misleading time lag. A couple of years ago, they gave the impression that everything in the market was fine at a time when actual sales activity had already stalled. In V\u00e4hi\u2019s assessment, the situation is now the opposite: activity has increased, but the full improvement has not yet reached the official figures.<\/p>\n\n\n\n

\u201cThe wheat will be separated from the chaff even more\u201d<\/strong><\/p>\n\n\n\n

V\u00e4hi forecasts that the number of transactions will continue to grow gradually and that prices will also move upwards. The reason for the latter, he says, is simple: inputs and the surrounding economy are becoming more expensive.<\/p>\n\n\n\n

At the same time, he sees growth in supply as a significant risk for 2027. \u201cThe fact is that a lot is being built, and the market will become even more saturated next year,\u201d said V\u00e4hi.<\/p>\n\n\n\n

In his assessment, this will extend the sales periods of many projects. Longer sales, in turn, mean that the returns of some investors who have put money into real estate development may be noticeably lower than expected.<\/p>\n\n\n\n

In V\u00e4hi\u2019s view, the gap between good and weaker developments will therefore widen. \u201cThe wheat will be separated from the chaff even more \u2013 the weaker the product, the longer the sales period,\u201d he said.<\/p>\n\n\n\n

According to him, the most difficult situation may be for development companies created for a single project, especially if they lack sufficient long-term and low-cost capital. In such a situation, a long sales period quickly becomes a significant financial burden.<\/p>\n\n\n\n

Read more: <\/strong>
https:\/\/www.kinnisvarauudised.ee\/top\/2026\/10\/07\/hoonearendajate-topi-voitis-firma-mille-kaive-kerkis-kolm-ja-kasum-kaks-korda-konkurendid-jaid-kaugele-maha<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"According to Kristjan-Thor V\u00e4hi, founder and CEO of Invego Group, the winner of the Property Developers TOP, 2025 will go down in the company\u2019s history above all because of the completion of Krulli Park. At the same time, the company is rapidly expanding its operations in Latvia, and according to its CEO, competition in the […]","protected":false},"author":9,"featured_media":15752,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/posts\/15896","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/comments?post=15896"}],"version-history":[{"count":1,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/posts\/15896\/revisions"}],"predecessor-version":[{"id":15897,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/posts\/15896\/revisions\/15897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/media\/15752"}],"wp:attachment":[{"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/media?parent=15896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/categories?post=15896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/invego.ee\/en\/wp-json\/wp\/v2\/tags?post=15896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}