For the second year in a row, Volta Quarter becomes Tallinn’s most valuable new development

According to real estate market statistics, in 2024, Volta Quarter was the most sought-after new residential development in Tallinn – both in terms of the number of transactions and sales turnover. Yesterday, a cornerstone was laid for another historic building – the Volta Gallery Lofts residential and commercial complex, which will serve as a link between the Volta and Krulli quarters.

Citify data shows that in 2024, 1,235 apartment sales transactions were concluded in Tallinn’s new developments at an average price of 4,438 euros per square meter. Põhja-Tallinn led in terms of sales turnover, with transactions totalling 96.7 million euros. The average price per square meter in Volta Quarter was 5,161 euros, exceeding both the market average and the average for Põhja-Tallinn.

The highest number of transactions for new development apartments took place in Haabersti, with a total of 346 sales, followed by Põhja-Tallinn with 288. The highest price per square meter was recorded in Pirita at 5,599 euros, followed by Põhja-Tallinn, where the average price reached 5,124 euros per square meter. In the city centre, this figure remained at 4,828 euros, indicating a shift in the popularity of residential areas from the city centre towards the coastline.

According to Endover’s Sales Director Annika Saar, the popularity of Volta Quarter lies in its comprehensively planned living environment and a wide selection of apartments and commercial spaces. “The offering includes homes in both reconstructed historic buildings and trendy energy-efficient new constructions. In addition, the area will soon be home to the district’s largest business centre, Volta HUB, featuring the latest MyFitness sports club, a food street, as well as service and retail spaces,” Saar explained. “This spring, the quarter will also gain a padel club, and plans are underway for a kindergarten.”

Yesterday, on February 18, a cornerstone was laid in Volta Quarter for a historic industrial building dating back to 1912, which will be revitalized as a modern residential and commercial complex – Volta Galerii Loftid. To finance the project, Endover, in collaboration with Evernord, successfully issued bonds worth 8.8 million euros.

“The addition of professional investors like Evernord benefits all market participants. Endover alone is planning approximately 100,000 square meters of residential and commercial real estate, and in the near future, we will be opening new financing opportunities,” said Endover’s CFO Kadri Koplimäe.

The historic limestone building will house two floors of modern commercial spaces, while the architectural vision of ARS Projekt will add a third floor with a contemporary metallic facade.

The first floor will feature prestigious commercial spaces characterized by authentic limestone walls, large arched windows, and ceilings up to 8 meters high. With areas ranging from 40 to 800 m², these spaces will be easily accessible to employees and residents of Volta and Krulli quarters, making them ideal for restaurants, cafés, or service businesses.

The second floor will house micro-apartments ranging from 19 to 60 m², which are already in high demand in the area. According to Endover’s Sales Director, the need for such spaces will increase further in the near future as large technology companies, including Wise, relocate to Põhja-Tallinn, bringing thousands of new employees to the district.

The third floor will feature luxury apartments of up to 155 m² equipped with Bisly smart home solutions, as well as terraces overlooking Volta’s quiet inner courtyard.

“In the next 5–10 years, approximately 40,000 people will move to Põhja-Tallinn, with at least half of them living and working in Volta, as well as in the neighbouring Krulli and Noblessner quarters,” said Endover’s Sales Director Annika Saar. She added that it is crucial to carefully consider the development of the urban environment: “Our focus should not be on creating more opportunities for movement but on designing urban space in a way that minimizes the need for commuting. We are developing Volta Quarter based on the ‘15-minute city’ principle, where all essential services are within walking distance.”

The architectural concept of Volta Galerii Loftid was designed by ARS Projekt, and construction is being carried out by Metropoli Ehitus. To date, half of Volta Quarter has been completed – 13 buildings have been constructed or renovated, and new infrastructure has been established, including roads, district heating, and a sewage network. In 2025, five more buildings will be completed, while two high-rise buildings are currently in the design phase. In early 2026, the first phase of Volta HUB will open, featuring the district’s largest MyFitness sports club.

In redeveloping the over 125-year-old Volta industrial quarter, Endover follows the ‘15-minute city’ principle. The total development area covers 142,000 square meters, with 29 buildings to be constructed, comprising over 750 apartments and more than 50,000 square meters of commercial space. The heart of the quarter will be Volta HUB, offering 35,000 m² of business space. In addition, a kindergarten and a 15,000-square-meter park area will be completed in the coming years.