Gallery: Estonia's Most Beachfront New Development Reaches Full Height and Will Be Ready by Fall
Yesterday, a topping-out ceremony was held at the Riviera Viimsi development being built on the edge of Haabneeme beach promenade by Endover, where four apartment buildings just a 100 meters from the sea have reached their full height. The first residents will be able to move into their new homes as early as September.
The gallery is located HERE, photographers Kaupo Kalda and Ardo Kaljuvee.
In total, the Riviera Viimsi development will have four buildings with 65 apartments. All 2-4-room apartments have a balcony or terrace. Spacious penthouse apartments with up to 5 rooms and roof terraces span two floors, offering views of Tallinn Bay and the Viimsi Peninsula, along with luxury amenities such as the possibility of installing a hot tub on the roof terrace.
Endover's CEO Robert Laud highlighted that the spatial concept of the entire Riviera Viimsi development was created with the aim of opening up a beautiful natural seaside area to people. "We have cleaned up a large part of the abandoned industrial waterfront land, and during construction we are renovating Kaluri Street, building cycling paths and the Kivila Park with playgrounds, and there will be a non-motorized traffic path leading directly to the beach from the development," Laud said.
Viimsi has become a very attractive and valued area in recent years, which is reflected in the scarce availability of plots and living space and rising prices. "There is a visible deficit of new apartments on the Viimsi market. Following the municipality's new master plan, the construction volume for new living space will be restricted even further. However, this is one of the most popular residential areas near Tallinn," noted Laud.
Endover's CEO added that despite the challenging economic situation, the company feels strong in today's real estate market environment. "Our portfolio is in good condition and offers a wide range of products in valued locations. We see that there are buyers in the market today for above-average priced goods who are looking for distinctiveness, quality, and environment."
Endover's sales director Annika Saar said that the change in banks' home loan terms that took effect in early April will also help price-sensitive home buyers choose a suitable apartment from a much wider selection. "General customer purchasing power is recovering, and we have adapted to the rise in Euribor. Banks' housing loan risk margins have fallen, which makes loans and homes of the desired size more accessible to people again," Saar noted.
However, the time cycles for transactions have lengthened, and for price-sensitive buyers, the immediate availability of the property and its associated fixed costs are decisive. According to Saar, Endover's sales statistics show that transactions related to smaller apartments are taking place actively. On paper, larger spaces are being purchased primarily.
The Riviera Viimsi development will be completed in autumn 2024. The developer is Endover, the builder is Metropol Ehitus, the lead designer is What If, the interior architects are Aet Piel (planning) and Maarja-Linda Taur (interior finishing), and the general area architect is Kärt Loopalu from Superellipsis. The outdoor area concept based on the nature of the Haabneeme coastal landscape was created in cooperation with Kino landscape architects. The development is financed by Coop Bank.
In addition to the Riviera Viimsi project, Endover continues actively with the development of the Volta Quarter, one of Tallinn's most extensive historic residential and business areas, where 9 historic and new buildings have already been completed and the next phase has been launched with a total of 4 residential buildings and one of North Tallinn's largest business centers. In Haabersti, the fourth and final tower in the Rocca Towers high-rise quarter has been completed, with the entire quarter finishing this summer.
