Estonia's Largest Residential Real Estate Developer in 2022 is Bonava

Housing development company Bonava published its 2022 financial results last week, which show that a total of 2,727 homes were sold on the markets operated by the group, of which 182 were in Estonia. Based on Tõnu Toompark's analysis, Bonava Estonia was the housing development company that sold the most new homes in Estonia in 2022.

The residential housing market faces several challenges this year. The rise in Euribor and the energy crisis have affected people's purchasing decisions, and home loans are being taken out more cautiously than before. According to Bonava Estonia's CEO Taavi Soorm, people looking for new real estate should purchase a suitable home sooner rather than later.

"Currently, according to real estate analyst Tõnu Toompark, there are just under 2,000 new apartments on the Tallinn market," said Soorm. "The construction sector is affected by many different factors, and therefore fewer new developments are being launched than before. Thus, at some point a situation could arise where demand exceeds supply," explained Bonava Estonia's CEO.

"The advantage of new development is above all the opportunity to choose a combination that suits you in terms of location, floor, number of rooms, and also the view from the window," said Soorm. He believes that new apartments will not become a scarce commodity in the near future, but apartments with good features are a fast-moving commodity even in a declining market. "It may happen that soon finding a suitable home based on your needs and preferences will be significantly more difficult," added Soorm.

Analyst Tõnu Toompark bases his analysis on data compiled from real estate developers' websites, and reviews based on other sources regarding new home first sales in Estonia are generally not prepared.

In total, Bonava sold 470 new homes in Estonia, Latvia, and Lithuania. The group's net turnover reached 15,706 million Swedish kronor in 2022.