Invego Sold Nearly 30 Million Euros Worth of New Homes Last Year
Real estate developer Invego sold new homes worth a total of 29.7 million euros in 2024 and successfully reached the final stretch of the development of the Krulli Park business quarter, in which 74.5 million euros were invested. This year, Invego forecasts the largest growth in Latvia's residential real estate segment.
According to Invego CEO Kristjan-Thor Vähi, the Estonian real estate market came to life gradually throughout the year, which is also confirmed by a 30% increase in the number of contracts of sale concluded in 2024 compared to the previous year. "These numbers give us reason to expect sales growth from this year," says Invego's CEO, expressing optimism about 2025.
The company forecasts a major breakthrough this year in the neighboring country of Latvia, where even last year three times fewer transactions were made compared to Estonia. "Early year numbers indicate that Invego will very likely sell more homes in Latvia this year than in Estonia," comments Kristjan-Thor Vähi, adding that Invego has to date begun development of six large residential districts in Riga and its surrounding areas.
Invego sold and handed over 108 apartments and townhouses to new owners in the Luccaranna, Tiskreoja, and Uus-Järveküla residential districts last year. "The team did excellent work. We consider this a very solid result because it was the first year where our sales results were not enhanced by sales realized from contracts concluded during the boom years," explains Vähi, adding that his company's success has come from focusing on creating complete living environments. "People increasingly know how to appreciate what happens around their home - nature, greenery, playgrounds, exercise and recreation areas," lists Vähi.
In the commercial real estate segment, by the end of 2024, Invego completed the Krulli Park business quarter, which cost 74.5 million euros and contains a total of 35,000 square meters of rentable space. Wise Estonia's headquarters, serving as the anchor tenant, has already moved into the new premises and the quarter's official opening awaits in early summer 2025. Additionally, Invego will complete a new office building in the Telliskivi district in autumn 2025, which will cost 5 million euros.
In the summer of 2024, Invego launched its first South Portugal development project, with pre-sales of the villa district Silves Hills in Silves. "We were somewhat even surprised at how great the interest was among Estonians in Portuguese villas. By now, over twenty villas have already found their owners," confirms Vähi, adding that the public international sales of the district consisting of 154 villas began only a couple of months ago, construction work will begin this autumn, and the first villas will be completed in 2027.
Among real estate development companies in Tallinn and its vicinity, Invego ranks second by number of new homes sold in the combined count of the last five years with 900 homes. The largest developments completed so far are Vana-Peetri, Tiskreoja and Tabasalu Kodu, and the residential districts currently in progress are Luccaranna, Uus-Järveküla and Keila Pargikodude. The company has also built over 50,000 m² of commercial space.
In the Latvian capital, Invego is developing the residential districts Vitolu Parks, Parka Kvartals, Skanstes Residences and rowhouses in Vide Adaži and Marupes Sirds developments near Miera and Riga. In South Portugal, Silves Hills is being developed on 65 hectares with 154 villas that are suitable for both seasonal use and year-round living.
The Invego group comprises over 30 companies in Estonia, Latvia and Portugal and a total of approximately 30 different development projects are in progress. Over the years, Invego has developed more than 150,000 m² and 450,000 m² of residential and commercial real estate is still in progress. The volume of assets managed by Invego exceeds 200 million euros.
