“In today’s economic conditions, some developers have postponed the launch of new projects and are acting cautiously. However, despite the market cooling, the seaside part of Põhja-Tallinn – from Kalamaja to the tip of the Kopli peninsula – remains an area of great interest for both home buyers and investors,” said CEO of Endover Robert Laud. “The recent news that tech company Wise has decided to move its headquarters and several thousand employees into this sector will undoubtedly increase interest in property in the area and the attractiveness of local apartments.”
Given the volume of new development in Põhja-Tallinn over the next 10 years, the interest of the tech sector in living and working in the area, as well as the popular and logistically favourable location, Põhja-Tallinn has the potential to become a real Silicon Valley on the Baltic Sea.
Laud added that it is already clear how investments will be made in the quarter. “Both small investors who buy apartments one or two at a time, as well as large investors who buy in bulk, think about this. The need for high-quality commercial and residential space is constantly growing as the region is to welcome around 10,000 new residents and employees in the coming years,” Laud explained why the company is confident enough to proceed with the third phase of the project. A number of businesses have already settled in the quarter: there is a wine shop, a cafe, a burger restaurant, designer stores, a beauty salon and a pet grooming salon that has quickly become very popular.
Today, more buyers than ever purchase real estate using their own funds, rather than with the support of a bank. “We see this clearly in the Volta Quarter. Investors allocate money to a specific asset class and region. Considering the coming tax increase, the value of such investments will increase from the beginning of next year due to VAT changes,” Laud added.
In the Tallinn real estate market – and for Endover – the Volta Quarter is one of the most important and successful properties. An industrial zone with more than 100 years of history is getting new life as a modern residential and business quarter, developing according to the concept of a 5-minute city. On the territory of the former Volta plant with an area of 11 hectares, a quarter with an integral micro-infrastructure will appear, including a total of 29 buildings, nine of which have already been built, and construction of the next four has begun. The total development volume of the quarter is 142,000 m2, with more than 750 apartments and over 50,000 m2 of commercial space planned.
In the Volta quarter, a kindergarten, a food street, as well as recreational facilities for different age groups are planned – both indoors and in a park area of 15,000 square meters. In connection with the development of the quarter, Endover has created extensive new infrastructure in Põhja-Tallinn, including two new streets: Uus-Volta and Mootori. The Volta Quarter follows the principle of sustainable development by restoring as much of the old as possible and adding new and energy efficient solutions. The architecture of the quarter is created by the architectural bureaus KOKO, Apex and ARS, and the largest banks in Estonia are participating in its financing: LHV Pank, Coop Pank and Bigbank.
Endover is an Estonian real estate developer with over 25 years of experience in creating a comprehensive residential and business environment in urban spaces. The company’s portfolio includes 70 buildings and 2,840 apartments with a total area of 368,000 square meters.
