Construction of the New-Järveküla Residential Area Worth Over 40 Million Began

At the request of Invego, one of Estonia's largest residential real estate developers, NOBE has begun construction of the Uus-Järveküla residential area in Rae Parish, which will result in over 150 new terraced houses and semi-detached homes being completed by the end of next year. The total development project is worth over 40 million euros.

"We finally received the building permit around the time of the Republic Day. As it stands today, the groundbreaking has taken place and the wishes of dozens of people awaiting the completion of their new homes will be fulfilled next year," said Kristjan-Thor Vähi, the head of Invego developing Uus-Järveküla, noting that over 50 homes have already been reserved.

Vähi assessed people's continued strong interest in purchasing a new home. "It's true that we haven't achieved boom-era sales in the past six months, but at the same time, transactions with our homes in Luccaranna, Tiskreoja, and Uus-Järveküla are happening continuously. We don't see any investment-focused buyers at the moment, but buying your own home is still in demand," Vähi confirmed.

Invego is developing the Uus-Järveküla residential area in cooperation with EfTEN Capital's real estate fund EfTEN United Property Fund. The project is designed by PIN Architects. NOBE has previously been a good partner for Invego in the construction of Tiskreoja, Tabasalu Kodu, and Luccaranna residential areas. A total of 149 terraced house units and 16 semi-detached house units will be built in Uus-Järveküla, with the first ones being completed by the end of next year.

EfTEN Capital is the largest real estate fund manager in the Baltic countries. EfTEN Capital's group employs over 50 people in total. The company has offices in all three Baltic countries. In addition, EfTEN offers private portfolio management services and manages Baltic Real Estate Portfolio AS.

Invego is Estonia's leading developer of complete residential areas, with over 1,000 families having moved into homes it has built in Tallinn and its surroundings over the past five years. In recent years, Invego has completed Vana-Peetri, located in Rae Parish, similar to Uus-Järveküla, and the Tabasalu Kodu residential area built in the Tabasalu center. Construction of the Tiskreoja residential area with nearly five hundred homes is in its final stages, and in the Luccaranna development, over 50 families have already moved into new homes.