New Residential Buildings to Be Constructed in Lasnamäe This Year

Lasnamäe, which has for years been considered rather a secondary market area, has begun opening up to new developments. This year, Hepsor and Eften Capital are starting construction of new residential buildings in the Paevälja district, bringing to the market at the border of Lasnamäe-kesklinn novel two-story and five-room apartments.

Lasnamäe is Tallinn's largest residential area, where infrastructure has developed over the years, but the share of new developments has been small until now. The vast majority of the housing stock dates from the Soviet era and most transactions take place on the secondary market.

According to Mihkel Mäger, Hepsor's Estonian land director, this does not reflect the actual market demand. "Lasnamäe has been undervalued for years in terms of new developments. It is a large and well-established residential area where purchasing power exists, but it is difficult to find quality new apartments," said Mäger.

According to him, home buyers are looking for affordable prices, quality space and good connections and services – all these conditions exist in Lasnamäe. "Also, it is precisely in Lasnamäe that one can see a clear expectation for homes where more rooms would be compactly arranged, which would meet the needs of today's families," said Mäger. "Many of today's Lasnamäe residents do not want to leave the district, but rather move to a newer building in the same area. When a suitable offering is added, it quickly finds interested parties," he added.

This year, Hepsor is starting construction of three new residential buildings in the Paevälja district, located at the border of Lasnamäe-kesklinn, which will have 88 apartments. This is a historically significant location, as it was precisely in Paevälja that Tallinn's first airport was located in the early 20th century and later the main base of the Estonian Air Force. A hundred years later, some partially preserved limestone buildings and an aircraft hangar hint at this. According to Mäger, the plan is to preserve and renovate the historical elements of the area and connect them with the new construction.

The new residential buildings include solutions that have not been offered in Lasnamäe so far: apartments spanning two floors and up to five rooms. "In order to bring both purchase and operating costs down for people, we created layouts with compact space utilization. We have designed the five-room solution on approximately 90 square meters of floor space, which allows a family to get more separate rooms without increasing the total area," explained Mäger.

The Paevälja district is being developed in stages. The first residential buildings were completed in 2023 and in the next phase new homes and commercial spaces will be added, as well as an underground parking lot, which can be used as a shelter if needed.

Great emphasis is also placed on quality outdoor space and a safe movement environment. A bicycle path runs directly from the district to the city center and the Kadriorg and Tondiraba parks are within walking distance. "The surroundings of the district are characterized by contemporary and well-thought-out urban space, the neighborhood has several newer residential buildings that create an integrated and contemporary architectural appearance. The construction is modern, tasteful and well-planned, offering a visually quality and value-preserving living environment," commented Mäger.

"We believe that the Paevälja development will bring freshness to Lasnamäe's real estate market and offer a real alternative to those who want proximity to the city center, but a more reasonable price level and more space," said Mäger and added that Hepsor published the prices and plans this week.