LVM Begins Construction of New 34-House Residential Area on the Border of Elva City

LVM Kinnisvara Tartu concluded a contract for infrastructure design to build a new residential area with 34 private properties on the southern border of Elva town. The company plans to begin construction of the new area's utilities and roads as well as the sale of residential units next spring.

According to LVM Kinnisvara Tartu director Philip Saksing, the detailed plan for the new residential area has been approved and LVM Kinnisvara is leading the project as owner and developer. "What makes this project noteworthy is that generally, no new real estate projects have been started in South Estonia recently, especially outside the major centers of attraction. In our view, the time is ripe, and for Elva, this is a very significant market project," he noted.

LVM's Elva new development consists of 34 residential plots and according to Saksing, currently there are approximately the same number of plots for sale in Elva municipality in total. The volume is also significant compared to just over 50 private residences currently for sale in Elva municipality, meaning the supply of plots for sale in Elva will double or the supply of residential units will grow by approximately 70%. LVM forecasts the total sales volume of its new development at approximately 7.8 million euros. For comparison, Saksing points out that throughout 2024, residential units totaling 8.4 million euros were sold in Elva municipality.

The region's general plan aims to form the Elva urban area from Elva town's territory and its immediate surroundings, meaning that according to the general plan, Elva town expands at the expense of Käärdi village, which will become the town's new district. The nearest bus stop is approximately 350 meters away in the northeast direction from the new area's 7.4-hectare planning area. Elva gymnasium and sports field are approximately 500 meters away in the north direction and Elva town center is approximately 1 kilometer away. On one side, the new residences are bordered by a nature-protected pine forest, and on the other side there are already existing new residential houses.

Since the project volume is large for the region, LVM wants, according to Saksing, to offer buyers flexibility and various options. The planning area is divided into two zones, with one allowing two-story residences with a roof pitch of 0-20 degrees and the other allowing single-story houses with a roof pitch of 20-30 degrees or two-sided pitched roofs. All houses must be designed in the same architectural style, be contemporary, and the entire area must form a unified architectural ensemble.

According to Saksing, preliminary interest can already be registered now, but exact sales prices will become clear in the first half of next year.