Volta Quarter stimulates the entire real estate market in Põhja-Tallinn
Tarmo Ulla, Head of Private Banking at Swedbank, which issues the largest number of home loans in Estonia, and CEO of Endover Robert Laud recognize that the real estate market is becoming more active and urban space is constantly changing. “Interest in home loans has increased compared to last year, and we expect that the second half of 2024 will be even more active in the real estate market. People make informed decisions: when choosing an apartment, they focus, among other things, on its energy efficiency,” Ulla explained.
According to Robert Laud, based on the results of the first half of 2024, it can be said that the Volta Quarter is currently one of the most attractive new developments in Tallinn: “Although there are more transactions in Haabersti, the highest turnover of transactions takes place in Põhja-Tallinn,” – Laud said.
According to real estate development statistics aggregator Citify, out of 570 transactions on the Tallinn market with a total turnover of about 160 million euros, 128 took place in Põhja-Tallinn and had a total turnover of almost 44 million euros. The total turnover of 176 transactions in Haabersti reached approximately 38 million euros, and 85 transactions in the Tallinn city centre had a turnover of almost 29 million euros. Today in Põhja-Tallinn the Volta Quarter is the first choice for buyers – in the first half of 2024, 27 families purchased their housing here. This is almost a third more than in the next most popular development project. The attractiveness of Põhja-Tallinn is also evidenced by the price levels, which remain here at the level of 5,100 euros/m2, while in the city centre it is 4,793 euros/m2.
The new Volta Residences stage will get three buildings with distinctive industrial architecture that is in harmony with the historical buildings of the quarter. 43-131 m2 apartments have high ceilings, floor-to-ceiling windows, as well as balconies and terraces. To date, the largest apartments in all three houses have already been sold. “There is a demand for larger apartments in the market and we are seeing that people are willing to pay more than average for a good location, nice layout and quality solutions,” added Robert Laud.