Volta Quarter Is Tallinn's Most Prestigious New Development for the Second Year in a Row
According to real estate statistics, Volta Quarter was Tallinn's most preferred new development in 2024 both in terms of transaction volume and sales turnover. Yesterday, a cornerstone was laid for another historic building – Volta Gallery Lofts residential and commercial building, which serves as a connection point between Volta and Krulli quarters.
According to Citify statistics, in 2024 there were 1235 apartment sales transactions in Tallinn's new developments with an average price of 4438 euros per square meter. North Tallinn was the most preferred area in terms of sales turnover, where transactions totaling 96.7 million euros took place. In Volta Quarter, the average price per square meter was 5161 euros, which exceeds both the market average and the North Tallinn average.
The most new development apartment transactions were made in Haabersti with a total of 346 apartments, followed by North Tallinn with 288 transactions. Pirita led Tallinn's price per square meter at 5599 euros, followed by North Tallinn where the average price per square meter was 5124 euros. In the city center, the average price per square meter remained around 4828 euros, which shows that the popularity of residential areas is moving along the sea coast away from the city center.
According to Endover's sales director Annika Saar, Volta Quarter's popularity lies in a comprehensively planned living environment and a wide selection of apartments and commercial spaces. "The offering includes homes in both historically reconstructed buildings and trendy energy-efficient new buildings. In addition, the region's largest business center Volta HUB will soon be completed in Volta along with the newest MyFitness sports club, a food street, services and retail," explained Saar. "This spring, the quarter will also get a padel club and a kindergarten is being planned."
Yesterday, February 18th, a cornerstone was laid in Volta Quarter for a historic industrial building dating from 1912, which will receive a new life as a modern residential and commercial building Volta Gallery Lofts. To finance the development, Endover together with Evernord conducted a successful bond issuance of 8.8 million euros.
"All market participants benefit from the addition of professional financiers like Evernord. Endover alone has approximately 100,000 square meters of residential and commercial real estate planned, for the financing of which we will be opening new opportunities in the near future," said Endover's finance director Kadri Koplimäe.
Between the walls of the historic limestone building, two floors with modern commercial spaces will be constructed, and through the vision of ARS Projekt architects, the building will receive a modern metallic facade on the third floor.
Representative commercial spaces will be created on the first floor of the building, characterized by authentic limestone walls, grand windows and ceilings up to 8 meters high. Commercial spaces ranging from 40-800 m² are conveniently accessible to employees and residents of both Volta and Krulli quarters, making them ideal for restaurants, cafes or service spaces.
Micro apartments ranging from 19-60 m² will be built on the second floor, for which there is already very high demand in the area. According to Endover's sales director, the need for such spaces will increase further in the near future, as technology companies, including Wise, are moving to North Tallinn, bringing thousands of new employees to the Volta area.
On the third floor, luxury apartments of up to 155 square meters with Bisly smart home solutions will be built, characterized by terraces with views of Volta's quiet inner courtyard.
"Over the next 5-10 years, approximately 40,000 people will move to North Tallinn, with at least half of them settling and working in Volta, its neighboring suburbs Krulli and Noblessner," said Endover's sales director Annika Saar, adding that it is therefore important to think through the entire area's urban development. "Our focus should not be on how to create more transportation opportunities, but on how to plan urban space so that we don't have to travel so much. In developing Volta Quarter, we are guided by the 15-minute city principle, which brings all essential services to residents within just a walk away."
The architecture of Volta Gallery Lofts was created by ARS Projekt, the building is being constructed by Metropoli Ehitus. To date, half of the renovated Volta Quarter is complete – the construction and reconstruction of 13 buildings has been completed and infrastructure has been built with new streets, district heating and sewage networks. This year, 5 more buildings will be completed and in planning are, among other things, two high-rise buildings. At the beginning of 2026, the first phase of Volta HUB will open, where the region's largest MyFitness sports club will also begin operations.
With more than 125 years of history, in renovating Volta industrial quarter, Endover is guided by the 15-minute city principle. The total development volume of the quarter is 142,000 square meters, which will see 29 buildings – these will contain over 750 apartments and more than 50,000 square meters of commercial space. Volta HUB will become the heart of the quarter, which includes 35,000 m2 of commercial space. In addition, a kindergarten and a 15,000 square meter park area will be completed in the coming years.
