December in the Real Estate Market: Endover Achieved the Year's Second Best Result with 18 Transactions

Despite the slowdown in the real estate market, December was one of Endover's most successful months of the past year – 18 transactions were completed in Tallinn, with a turnover of 5 million euros, and approximately 1200 square meters of new apartments and commercial spaces found new owners.

It is estimated that 50 different new development apartments or commercial spaces were sold or reserved in Tallinn in the last month of the year. With 18 transactions, Endover was the most successful on the entire capital's market in December. For the year overall, December was the second best month for the company in terms of sales turnover.

According to real estate analyst Tõnu Toompark, the most sold project in December was Endover's Volta Residentsid. Sales transactions for Kopli Liinid apartments also stood out, which shows that North Tallinn and Kalamaja developments are noticeably more preferred than others even in a passive market, because the area is developing, the location is good, and the developments are attractive.

According to Endover's head of sales Olari Vokk, December's statistics prove that the real estate market has not come to a standstill, as has been claimed recently, but rather the market is in constant flux. In today's conditions, apartments with smaller square footage and thus lower fixed costs are winning. The luxury real estate buyer has not disappeared from the market either, as there is a shortage in this niche.

"Our experience shows that in changing conditions, it is primarily necessary to listen to people's needs and adapt our strategy based on those expectations," explained Vokk. "Today's buyer has thought through their decision carefully. They have developed a stronger understanding of the real costs involved in buying an apartment. Buyers are adapting to Euribor growth and inflation. They are able to analyze and evaluate more precisely both the future value of the home they are buying and the costs associated with it. Therefore, people plan and make their transactions very thoroughly."

Vokk highlighted four key arguments based on which people decide to buy a new apartment today. "First – the apartment being purchased must be ready, not just on paper. In an uncertain market, this is a major advantage and also in short supply. Endover has a strong advantage over competitors here because we have one of the largest portfolios of ready apartments on the market," explained Vokk. "Second – good location. Real estate is preferred where value increases over time. In Tallinn, for example, the city center, North Tallinn, Haabersti, and Viimsi near Tallinn. Third – construction quality and energy-efficient solutions that keep a home's costs low even after the first year of living there. Fourth – added value that comes with the new apartment. For example, the developer has built a kitchen there or compensates the new owner for all first-year home costs, which is very important for a price-sensitive buyer. Our current portfolio meets these conditions well."

In total, Endover sold 1128 square meters of residential and commercial real estate in December. The most popular were 3-room apartments, with an average size of 58.3 square meters. The average price of a sold apartment was 270,539 euros and the price per square meter was 4,855 euros. The largest apartment sold was 96 square meters and the smallest was 32 square meters. Endover's highest-priced apartment sold in December is in the Riviera Viimsi development at a price of 498,785 euros and the highest price per square meter is 5,939 euros. The highest price paid for commercial space was 3,838 euros per square meter.

Endover is an Estonian real estate developer with over 25 years of experience that creates value in urban spaces and builds integrated living and business environments. The company's portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 m².

Photo caption: Endover's Volta Residentsid, which generated the largest sales turnover among Tallinn's new developments in December. Author: Kaupo Kalda