Two Estonian Developers Invest 40 Million Euros in New Residential District Development in Riga
Estonian real estate developers Reterra and Invego have launched pre-sales of the Miera Residences residential area in Riga, valued at 40 million euros, with construction works planned to begin in early 2026, and a total of 172 new homes will be built in two phases.
According to Invego CEO Kristjan-Thor Vähi, Miera Street in Riga is known as a distinctive, unique, and culturally diverse area. "For us, every project means more than simply building a quality building - we create sustainable and inspiring living environments where people's well-being and quality of life are paramount. On the other hand, we always consider it important that new development fits in with the existing urban space and the characteristics of the local community," Vähi confirmed. "In Miera residences, there is a strong emphasis on energy-efficient and modern solutions and striking architecture, which creates a comprehensive living environment where everyone can enjoy greenery and peace while living comfortably near the city center," Vähi explained.
"With the Miera development, we are creating a new so-called affordable luxury standard in Riga to meet the wishes and needs of people with different lifestyles," emphasized Reterra CEO Reigo Randmets, according to whom the unique character of Miera Street is an inspiring environment in which to develop a new living environment. "The new homes are ideal for city dwellers, couples, and families who appreciate good architecture, closeness to nature, and convenient access to the city's infrastructure," added Randmets.
The architectural concept of the residential complex was selected through a competition and is being further developed in close cooperation with the Latvian architecture bureau Tectum. Apartments with spacious balconies and terraces feature 2.8-meter-high ceilings and large floor-to-ceiling windows that bring spaciousness and natural daylight to the homes. Thoughtfully planned homes are marked with A-energy class designation, and apartments on upper floors are equipped with preparation for cooling system installation.
In Latvia's capital, Invego and Reterra, in addition to Miera Residences, are developing two more residential areas together - Parka Kvartals and Skanstes Residences. Additionally, Invego separately has Vitolu Parks and the residential areas of Vide Adaži and Marupes Sirds located near the capital under development in Riga.
Over ten years of operation, Reterra has become an important player in the Estonian real estate market, focusing on residential and commercial projects in Tallinn and Tartu, as well as in Latvia's capital Riga. Reterra has built 1,000 new homes and manages 70,000 m² of commercial space, whose clients include Telia, Pipedrive, Selver, Coop, Leonhard Weiss, and others.
Invego is in second place among real estate development companies in Tallinn and its surroundings by the number of new homes sold over the last five years, with nearly 900 homes. The most extensive developments so far completed are Vana-Peetri, Tiskreoja, and Tabasalu Kodu, and currently ongoing are the residential areas of Luccaranna, Uus-Järveküla, and Keila Pargikoodu. The company has also built over 50,000 m² of commercial space. In addition to Estonia and Latvia, Invego is developing Silves Hills residential area in southern Portugal, spanning 65 hectares with 154 villas, which are suitable for both seasonal use and year-round living.
