Novira Capital Builds Apartment-Hotel in Pärnu Coastal Area with 5 Million

Novira Capital is building a 5 million euro apartment-hotel in Pärnu's coastal area, public sales began today

Novira Capital is building an apartment-hotel called apArts in Pärnu's most prestigious area, just a few minutes' walk from the sea, with only 60 apartments designed for private investors. The total investment is over 5 million euros and the building will be completed in the summer of 2022, with LVM as the project's sales partner.

As part of the project, a six-storey Soviet-era building with a colorful history located at Esplanaadi 10 will be thoroughly renovated. The building had stood half-empty for years and was partially used by the Pärnu Museum of New Art. "This is certainly a remarkable event in the development of the summer capital, as one property that has been an eyesore for Pärnu residents for years is now coming back to life," emphasized Andres Liinsoo, board member of Novira E10.

"Due to its immediate proximity to the beach, the apartment-hotel concept is certainly a very practical solution and suits well those who wish to invest actively and place free funds into real estate in a resort town," described Ingmar Saksing, real estate manager at LVM, noting that the mostly 1-2 room apartments are a very suitable alternative to traditional hotels for many. Prices for vacation apartments in apArts start from 62,000 euros, with VAT added on top.

All 60 apartments have a balcony or terrace with sliding doors and glass railings. To make the management of rental apartments more convenient, all apartments are equipped with smart locks providing keyless access, and the building also includes support services necessary for providing rental services. The exterior architect is Kalle Vellevoog and the interior architect is Tiiu Truus.