Pärnu's Most Exclusive Real Estate Development Moving Forward at Full Speed: Over Half of Apartments Have Found Owners

Over half of the apartments in the first phase of the Vanasadam Quarter development, located in central Pärnu, have already been sold. Strong sales results demonstrate robust demand for prestigious real estate among the summer resort town's residents and visitors.

Half of the spaces in the first building of one of central Pärnu's largest and most ambitious development projects, the Vanasadam Quarter, have found owners by now: 34 out of 64 apartments in the Kalda 4 building have been sold.

"Over half of the apartments have been sold on the market – especially the higher price range objects," noted real estate expert Janno Peterson, who handles sales of the development. "The apartments with river and Vallikääru views have been particularly popular."

The court dispute with the City of Pärnu that ended in spring – during which the developer was granted rights and reached a compromise agreement with the city – did cause delays in the object's completion, but according to Vanasadam Development representative Kenneth Karpov, disagreements are in the past and the Vanasadam Quarter development will proceed at a rapid pace.

"Everything is moving as planned – the first apartments will be handed over to owners already in August," noted Karpov.

The Kalda 4 building has been purchased as a home primarily by Estonians, but among the owners one can also find a couple of Finns and even a buyer from Latvia, highlighted real estate expert Peterson.

"Vanasadam Development's buyers are typically people with a secure financial background who already have a primary residence in Tallinn, Tartu, or elsewhere – they have purchased an apartment in central Pärnu because they appreciate the development's good location, convenient access and parking, and construction quality," Peterson described the profile of the average buyer.

Today, the prices of available apartments and guest apartments range from 119,000 euros for smaller apartments to up to 395,000 euros for more luxurious homes.

According to Peterson, now is a good time to invest in the development: construction prices show no sign of declining, and the Vanasadam Quarter development will not stop at just the construction of the Kalda 4 building.

"In the future, the quarter will consist of three buildings, all with a large and convenient underground parking floor beneath them. Different retail spaces will be located on the first floor of the entire quarter, a yacht harbor is being completed next to the development, and a quality public space is being created in the area, which will open up the riverbank to city residents and will become an important part of Pärnu's urban space," Peterson summarized the plans and said that as a point of comparison, one could point to examples from the capital such as Kalaranna or Rotermanni Quarter. "All of this will significantly increase the value of the Vanasadam Quarter real estate."

Additionally, Peterson noted that the prices of objects are not affected by the VAT increase and in some cases prices have also been differentiated – prices for medium-sized apartments have been reduced.

"Compared to objects that are just starting to be built, it is still possible to buy at a better price in Vanasadam Development," said Peterson, referring to forecasts of construction price increases.

Peterson also considers the completion of Pärnu's new bridge as a positive development, which will reduce traffic congestion near the Vanasadam Quarter and direct a large portion of traffic load to the new bridge.

Currently, 28 apartments, 9 guest apartments, and 5 retail spaces are for sale.

Background:

Vanasadam Quarter is a three-building development project located in the historic harbor area in central Pärnu, with a total cost exceeding 45 million euros. In the first phase of the development, a five-story building will be completed at Kalda Street 4, which will include 64 apartments and retail spaces as well as an underground parking floor. In subsequent phases of the project, two more buildings will be added at Kalda 6 and 8 addresses. Upon completion of the entire quarter, over 130 apartments and retail spaces will be created in the area. Vanasadam Development OÜ is a real estate development company founded in 2018 that focuses on the development of central Pärnu.