Developer Sales Top 2025: Merko, Liven and Reterra Sold the Most Apartments
According to Citify data, the developers who sold the most new apartments in 2025 were Merko, Liven, and Reterra. The ranking consolidates net sales data from Tallinn, Harju County, and Tartu. Merko led the ranking with 176 apartments sold, followed by Liven with 162 and Reterra with 122 apartments sold.
Although the economic environment and real estate market have been somewhat cooler, well-thought-out new developments have continued to find their buyers. Merko Homes CEO Indrek Tarto expressed great satisfaction that homebuyers appreciate their offerings highly. "The sales results show that our chosen strategy of offering suitable homes for different clients in different locations has proven itself. Quality is very important – the right decisions must be made from selecting the development location to creating urban space around the buildings and common area possibilities in apartment buildings, all the way to the construction quality of the homes."
Reterra's most popular developments over the past year were the Raemõisa residential area in Rae parish, the Aviator development in Tartu, and the Hippodrome quarter rising in North Tallinn. According to Reterra owner and CEO Reigo Randmets, 2025 has confirmed that even in a more difficult market situation, purchasing decisions are made when a development offers substantial value and a long-term perspective. "Recent years have shown that in real estate development, a long-term vision matters more than short-term market fluctuations. Despite the calm market situation, continuous work, a strong commercial real estate portfolio, and conscious investment management enabled the company to achieve the best financial result in its history."
According to Liven CEO Andero Lauri, 2025 showed that a conscious buyer operates in a difficult market environment. "Six distinctive developments contributed to our sales result, and it became particularly clear that decisions are no longer made impulsively. Today's buyer is often buying their second or third home – they know exactly what they need, can appreciate planning quality, functionality, and thoughtful space usage," says Lauri. According to Merko CEO Tarto, growing customer awareness can be seen in the market. "The client is increasingly aware: they ask questions, they become familiar with several options before buying, and instead of rushing, they take time to make a considered decision. The fact that the process ends in a purchase transaction with us shows our good work."
Randmets adds that consumers make purchasing decisions primarily when a development offers clear value. "Buyers are increasingly moving toward comprehensively planned quarters and suburban living environments where family-friendliness, good infrastructure, and proximity to nature are valued, without compromising on living comfort," says Reterra CEO Reigo Randmets.
"We see that a well-planned new development often sells better already during construction than when fully completed – this demonstrates trust in both the developer and the product. For next year, we expect moderate growth to continue: the loss of the tax deduction will bring new families to the market, but purchasing decisions will continue to be determined primarily by the substantial value of the development and the quality of the living environment, not just the price," predicts Liven CEO Andero Lauri. For 2026, developers do not predict any significant increase in new development square meter prices, as there is sufficient supply on the market and there is no price pressure, which is why the development's value and the quality of the living environment will become decisive in making purchasing decisions.
