Adaur.ee: kinnisvaraturu uudised, analüüsid ja ülevaated

Kinnisvarakool: Planeerimis-ehitusvaldkonna spetsialisti täiendõppeprogramm

Kinnisvarakool & koolitus: Ehitamise dokumenteerimine – kohustuslikud nõuded ja praktika

Kinnisvarakool: Kinnisvaramaakleri stardiprogramm

Swedbank: Flash comment: Estonia – The economy is gradually recovering

30.04.2025 Adaur.ee

In Q1 2025, Estonian GDP increased 1.2% y/y in real terms, while it rose 0.1% q/q (seasonally and working day adjusted – swda), according to the flash estimate of Statistics Estonia.

As the economy is doing better and export opportunities have improved it has supported confidence in manufacturing. Exports of goods are growing, supporting the growth of manufacturing output. The bottom in manufacturing production was in July last year, and compared to that time, production was 6% higher by February. However, due to the previous long decline, manufacturing production is still at the level of the end of 2018.

We expect foreign demand to continue to improve, however, US trade tariffs will hinder the growth. Although, the direct impact from the US tariffs on the Estonian economy is modest, weaker than expected foreign demand through exporting partners will have additional negative impact. This will mean somewhat weaker GDP growth for this and next year than we previously expected.

Households still remain gloomy. Despite solid wage growth high inflation and income tax hike are reducing purchasing power of wages this year. However, falling interest rates are supporting households with loan obligations. Swedbank card payments suggest that private consumption was still weak at the start of the year.

Full report

Kinnisvarakool & koolitus: Kinnisvaraturu ülevaade - Tõnu Toompark

Liven: Liven AS – Consolidated unaudited interim report for the I quarter of 2025

30.04.2025 Adaur.ee

The recovery from the market lows that started in the second half of last year continued in the first quarter of 2025. During the quarter, we signed a total of 25 contracts under the law of obligation (sales contracts; 2024 Q1: 16). The biggest contributions came from the sale of homes under construction in the Iseära phase II project (both terraced houses and apartments) as well as from the Regati development project. Among completed homes, the main contributions to sales came from the Uus-Meremaa and Luuslangi projects.

The weekly sales ratio, which reflects the number of homes going out of supply through either sales contracts or paid reservations, remained at a similar level compared to the previous quarter. Over the period, the average was close to 1.9%, and even exceeded 2.5% during March. The long-term average is considered to be 1.5–2.0%.

Contracts under the law of obligations concluded during the period, where homes are not delivered under real right contracts within the same period, are treated as presales. At the beginning of the quarter, the estimated monetary value of presales was 35.6 million euros, all relating to projects scheduled for completion during the last three quarters of 2025. During the quarter, we concluded new contracts with a revenue value of 7.0 million euros, of which presales accounted for 5.1 million euros. Together with earlier presales, we enter the following quarters of 2025 with 104 contracts under the law of obligations for homes in buildings scheduled for completion during the year, with a total revenue value of 40.7 million euros.

There were no new construction completions during the first quarter of 2025, and during the quarter we handed over a total of only 5 new homes and 1 commercial space under real right contracts in previously completed developments (2024 Q4: 24; 2024 Q1: 12). Of these, 1 home and 1 commercial space were handed over in phase II of the Uus-Meremaa development, 2 homes in phase I of the Luuslangi development, 1 home in phase II of the Iseära development, and 1 home in the Magdaleena development. In the same order, the projects also had an impact on the sales revenue for the first quarter, which amounted to EUR 1,931 thousand (2024 Q4: EUR 8,164 thousand; 2024 Q1: EUR 3,498 thousand), and the net loss for the quarter was EUR 705 thousand (2024 Q4: EUR +78 thousand; 2024 Q1: EUR -150 thousand). The loss for the first quarter was primarily due to the low sales volume and lower-than-average profitability of the homes sold.

The balance of cash and cash equivalents increased by EUR 4,011 thousand during the quarter to EUR 9,916 thousand, and total assets grew by EUR 10,512 thousand during the quarter, reaching EUR 88,810 thousand at the end of the period. The main contributors to the increase were the green bond issue carried out at the end of the quarter and the increase in inventories of the Regati and Iseära projects under construction.

Total borrowings increased by EUR 10,427 thousand during the quarter to EUR 57,684 thousand. During the quarter, a total of EUR 6,808 thousand in bank loans were disbursed to finance the construction of projects, and we raised additional debt capital of EUR 6,200 thousand through a public offering of green bonds. The balance of construction loans increased by EUR 3,535 thousand in the Regati project and by EUR 1,713 thousand in the Iseära project. The balance of construction loans will increase also in the next quarter at a similar rate to the current quarter, primarily due to the financing of the construction of the Regati project but will decrease very significantly by the end of the year, following the completion of the construction and the delivery of the homes.

At the end of the quarter, we redeemed EUR 2,000 thousand bonds previously issued to finance the Juhkentali 48 project and extended the maturity date for the bonds issued for the Peakorter project development (previously 31.12.2025). Current borrowings decreased by EUR 4,367 thousand during the quarter to EUR 2,039 thousand. The decrease in the current borrowings was also influenced by the final repayments of the Uus-Meremaa project investor loan and the Luuslangi project bank loan.

Consolidated statement of financial position

(in thousands of euros)	31.03.2025	31.12.2024	31.03.2024
Current assets
Cash and cash equivalents	9 916	5 905	3 002
Trade and other receivables	56	1 270	99
Prepayments	635	385	517
Inventories	75 349	67 902	62 789
Total current assets	85 956	75 462	66 407
Non-current assets
Prepayments	44	44	0
Investment property	1 350	1 350	0
Property, plant and equipment	406	423	429
Intangible assets	395	401	340
Right-of-use assets	659	618	375
Total non-current assets	2 854	2 836	1 144
TOTAL ASSETS	88 810	78 298	67 551
Current liabilities
Borrowings	2 039	6 405	4 933
Trade and other payables	11 789	11 234	7 097
Provisions	50	99	2 384
Total current liabilities	13 878	17 739	14 414
Non-current liabilities
Borrowings	55 645	40 851	34 411
Trade and other payables	1 610	1 398	673
Provisions	89	72	29
Total non-current liabilities	57 344	42 322	35 113
Total liabilities	71 222	60 061	49 527

Equity
Share capital	1 200	1 200	1 184
Share premium	9 575	9 562	9 354
Share option reserve	331	317	390
Own (treasury) shares	-8	-9	0
Statutory capital reserve	118	118	115
Retained earnings (prior periods)	7 077	6 491	7 131
Profit/Loss for the year	-705	558	-150
Total equity attributable to owners of the parent	17 588	18 237	18 024
Total equity	17 588	18 237	18 024
TOTAL LIABILITIES AND EQUITY	88 810	78 298	67 551

Consolidated statement of comprehensive income

(in thousands of euros)	2025 3 months (January-March)	2024 3 months (January-March)
Revenue	1 931	3 498
Cost of sales	-1 698	-2 981
Gross profit/loss	233	517

Distribution costs	-454	-275
Administrative expenses	-461	-298
Other operating income	22	0
Other operating expenses	-27	-4
Operating profit/loss	-687	-60

Finance income	14	15
Finance costs	-33	-105
Total finance income and finance costs	-19	-90
Profit/Loss before tax	-705	-150
Income tax expense	0	0
Net profit/loss for the year	-705	-150
Attributable to owners of the parent	-705	-150

Comprehensive income for the year	-705	-150
Attributable to owners of the parent	-705	-150

Basic profit/loss per share	-0.059	-0.013
Diluted profit/loss per share	-0.058	-0.012

The customer satisfaction score for the last 12 months, collected at different stages of the customer journey, increased to 9.5 out of 10 by the end of the year (2024 Q4: 9.2; 2024 Q1: 7.5).

Key events in development projects

In January, Liven AS issued a guarantee in favour of the Tallinn City Property Department in the amount of EUR 1,249 thousand, effective until 29 January 2032, in connection with the Kadaka tee 88 development project, in the planning phase, and the agreement between Liven Kodu 10 OÜ and the City of Tallinn for the coverage of the costs related to the construction works at Tallinn Meelespea kindergarten.

During the quarter, the final investor loan payments were made in the Uus-Meremaa project, and at the end of the quarter, the last home in the development remained to be sold. Likewise, at the end of the quarter, only the last home in the Magdalena development remained to be sold.

In March, Liven Kodu 22 OÜ and Coop Pank AS entered into a long-term loan agreement for 1,560 thousand euros to partially refinance the previous financing of the Olemuse project. Liven AS also provided a guarantee to Coop Pank AS for the loan amount. The presale of the first homes in the project started also in March.

Public offering of the second series of green bonds

In March 2025, a public offering of series II green bonds was made under the previous bond programme of Liven AS, in which Liven offered up to 4,000 unsecured bonds with a nominal value of 1,000 euros, a redemption date of 19 March 2029 and a fixed interest rate of 9.0% per annum, payable quarterly. The 871 investors who participated in the offering subscribed for a total of 8,301 bonds, resulting in an oversubscription of 2.1 times. As a result of the oversubscription, Liven’s management board decided to increase the size of the offering to 6,200 bonds, i.e. to 6,200 thousand euros.

Events after the reporting period

In April, Liven AS entered into a cooperation agreement with Oma Grupp OÜ for the realisation of a development project on the property located at Erika 6a and 6b in Põhja-Tallinn. The residential quarter, designed by PIN Arhitektid OÜ, will comprise approximately 4,900 m² of sellable area and 68 homes, including two six-storey residential buildings and a nine-storey building that combines a reconstructed water tower with a new structure built on top of it. Sales of the first homes are scheduled to begin in the summer of 2025, with construction set to start at the end of the same year. The completion of construction works is planned for 2027. The project will be implemented by a 50/50 joint venture established by Liven AS and Oma Grupp OÜ, and the general contractor for the construction is Oma Ehitaja AS.

In April, the Tallinn City Council decided to adopt the detailed plan for the Peakotrer project at Erika 12 .

In April, we started pre-sales of homes in the Virmalise development project in the Uus Maailm district in central Tallinn. The Virmalise project will consist of 28 homes, with construction scheduled to start in the third quarter of 2025 and end in 2026.

The management board of Liven AS has convened an annual general meeting of shareholders, which will be held on 14 May 2025 at 10.00 a.m. at the Liven salon office at Telliskivi 60/5.The management board of Liven has proposed to pay a dividend of EUR 180 thousand to the shareholders in accordance with the dividend policy and to appoint KPMG Baltics OÜ as auditor for the years 2025-2026. Information and documents related to the shareholders’ annual general meeting are available on the Liven AGM website https://liven.ee/investor/uldkoosolek.

Significant developments in the economic environment in the period under review

The downward trend in the 6-month Euribor (Euribor), observed throughout the previous year, continued in the first quarter of 2025. By the end of the quarter, the Euribor rate had fallen to 2.39% (31.12.2024: 2.63%).

As inflation in the euro area has moved closer to the European Central Bank’s long-term target, and to support economic growth in the European Union amid the negative impact of U.S.-imposed tariffs, the Governing Council of the European Central Bank continued to ease monetary policy. In the first four months of 2025, it cut key interest rates three times, by a total of 75 basis points. According to economic analysts, interest rate cuts are expected to continue during the year, which should lead to a further decline in the Euribor.

In Estonia, the annual growth rate of consumer prices in Q1 2025 was faster than in the euro area, with prices rising by 4.4% compared to the same period in the previous year (Q4 2024: 3.9%). According to forecasts by Eesti Pank, inflation in 2025 is expected to reach 6.6%, driven by tax increases and continued wage growth.

According to the latest data from Statistics Estonia, the estimated annual increase in average gross wages in the first quarter—between 8.0% and 8.5%—outpaced price growth. Nevertheless, consumer confidence remained persistently low. Consumers tend to view the purchase of durable goods as more favourable over the next 12 months than at present, which has led to a continued sentiment of caution and postponement of purchasing decisions. Based on the latest data from the Institute of Economic Research, the consumer confidence indicator in the first quarter remains at a level similar to the end of the previous year (Q1 2025 average: -37; 12-month 2024 average: -33; 2023 average: -30).

As typical for the first quarter, the number of apartment transactions in Tallinn decreased according to purchase-sale statistics from the Land Board, falling by 15.8% compared to the previous quarter (Q1 2025: 2,127 transactions; Q4 2024: 2,464 transactions). Still, there were still signs of increased activity among home buyers, as the number of transactions in Q1 2025 showed a 18.3% increase compared to the same period a year earlier and was comparable to the result of Q3 2024. However, transaction activity has mainly increased in the secondary market, while sales in new developments have remained relatively subdued.

Compared to the fourth quarter of 2024, offer prices for new developments increased moderately by 2.6% in the first quarter of 2025. Based on data collected from the market, the number of transactions decreased by 26% compared to the previous quarter (Q1 2025: 414 transactions; Q4 2024: 559 transactions), remaining at a level similar to that of Q1 2024 (368 transactions).

Throughout the first quarter, the stock of unsold ready-to-move-in apartments showed a slight downward trend but remained relatively high, reaching an estimated 1,040 apartments by the end of the quarter (Q4 2024: 1,110; Q1 2024: 1,020). This means that homebuyers continue to have a wide range of options, and market competition remains elevated.

Outlook for the future

Similar to Q1 2025, we expect continued recovery in the economic environment and demand for new residential real estate in the coming months. However, market activity remains largely dependent on external factors, particularly interest rates, geopolitics, the tax environment, and consumer confidence. Expectations for 2025 suggest a continued decline in interest rates and growth in real wages, supporting improved affordability. Still, higher income tax rates and the VAT increase from July, combined with persistently high inflation, are expected to slow the pace of improvement. If demand rises, we are ready to bring new supply to the market quickly.

We are still waiting for the drawn-out processes for adoption of the detailed spatial plans for Kadaka tee 88, Juhkentali 48 and Erika 12 to finalised in 2025. As there were no new completions in Q1 and we were only able to hand over previously completed homes, also with below average profitability, the financial results for Q1 were in line with expectations. In 2025, we can still deliver up to 194 residential and commercial units, with a maximum potential revenue of up to 75 million euros.

If sales remain at the same level as in the last nine months, we continue to expect revenue to reach around 55 million euros in 2025 and assume that this will be sufficient to achieve the 20% return on equity target. No buildings under construction will be completed in the first quarter and most of the planned revenue and profit will be generated in the second half of the year.

During the second quarter of the year, we plan to hand over homes in the apartment buildings in the Iseära project, and in the second half of the year in the terraced houses in the Iseära project and in Regati project. Hence, most of the planned revenue and profit for 2025 will be generated in the second half of the year. For the projects to be completed during 2025 we had 104 apartments with a revenue value of 41 million euros sold under contracts under the law of obligations by the end of the first quarter (31.12.2024: 86 and 36 million euros)

With construction completions and home deliveries, we expect the balance of borrowings to fall to a lower level by the end of the year than at the beginning of this year.

Real estate development is characterised by a long time lag in results and higher marketing costs in the periods before sales volumes start to grow. In addition to the ongoing constructions, we are working hard on pre-sales and construction starts of new projects and phases that will have an impact on 2026 results. Including the Erika 6a and 6b projects added in April.

Liven’s development portfolio has sufficient volume for the next 4–5 years. However, we continue to seek new sites and actively negotiate acquisitions or joint developments with landowners to expand the portfolio.

Liven-2025-Q1-interim-report

EfTEN: EfTEN Real Estate Fund AS unaudited results for 1st quarter 2025

30.04.2025 Adaur.ee

In the first quarter of 2025, EfTEN Real Estate Fund AS invested a significant part of the capital raised in the previous quarter, primarily in the elderly care home segment. In February, the Fund’s 100% subsidiary EfTEN Hiiu OÜ signed a binding agreement to acquire the property at Hiiu 42 in Tallinn, with the aim to developing a general care home in cooperation with Südamekodud AS. The acquisition price of the property was €4 million, with up to an additional €2.5 million for the reconstruction of the building. The expected return on the investment is 8% per annum. At the end of March, the real rights contract was concluded and the transaction finalized. As part of the transaction, EfTEN Hiiu OÜ signed a long-term (10+10 years) lease agreement with Hiiu Südamekodu OÜ. Part of the property continues to be used by the North Estonia Medical Centre Foundation. The building will be partially reconstructed into the “Nõmme Südamekodu” general care home, with future capacity for up to 170 clients.

In January 2025, the Fund’s subsidiary EfTEN Ermi OÜ commenced construction of the second phase of Tartu Südamekodu, which will add 60 beds and a solar park to the existing care home. The total project cost is approximately €1.3 million, with construction expected to be completed by July 2025. The expected return on this investment is 8.1% per annum.

Upon completion of these projects, EfTEN Real Estate Fund AS will own four elderly care homes with a combined capacity of nearly 800 beds.

On 31 March 2025, the Fund’s subsidiary EfTEN Seljaku OÜ terminated the lease agreement with AS Hortes (in bankruptcy) concerning the Laagri Hortes properties. A new lease agreement has been signed with Rikets Aianduskeskus OÜ, which will commence operations on the premises as of 1 April 2025.

In April 2025, the ICONFIT logistics building owned by the fund’s subsidiary EfTEN Paemurru OÜ was completed. The fund began earning rental income from the property starting from April 15.

Financial Overview

The consolidated sales revenue of EfTEN Real Estate Fund AS for Q1 2025 amounted to €7.858 million (Q1 2024: €7.961 million), and the consolidated net rental income (NOI) totaled €7.211 million (Q1 2024: €7.343 million). The net rental income margin remained stable at 92% (2024: 92%), indicating that costs directly related to property management (including land tax, insurance, maintenance and improvement expenses) and marketing accounted for 8% (2024: 8%) of revenue.

The Fund’s consolidated net profit for Q1 2025 was €4.167 million (Q1 2024: €3.808 million). A key contributor to the profit growth was the decrease in interest expenses due to the decline in EURIBOR—interest costs fell by €432 thousand, or 19%, compared to Q1 2024.

Real Estate Portfolio

As of 31 March 2025, the Group held 37 (31 December 2024: 36) investment properties with a total fair value of €380.160 million (31 December 2024: €373.815 million) and an acquisition cost of €376.906 million (31 December 2024: €370.561 million). In addition to properties held by subsidiaries, the Group owns a 50% stake in the joint venture operating the Palace Hotel in Tallinn, with a fair value of €8.632 million as of 31 March 2025 (31 December 2024: €8.630 million).

In Q1 2025, the Group made new and follow-on investments totalling €6.345 million.

In March 2025, EfTEN Hiiu OÜ acquired the property at Hiiu 42, Tallinn, for €4 million. The North Estonia Medical Centre Foundation continues to use part of the property under an existing lease. A long-term (10+10 years) lease was signed with Hiiu Südamekodu OÜ, a subsidiary of Südamekodud AS, which will develop the premises into the “Nõmme Südamekodu” general care home with capacity for up to 170 clients.

Construction of the C-building at Valkla Care Home continued in Q1 2025, with a total investment of €343 thousand. Construction of the second phase of Ermi Care Home in Tartu began, with works totalling €192 thousand during the quarter. In addition, construction at the Paemurru Logistics Centre progressed, with Q1 investment totalling €1.515 million.

In Q1 2025, the Group earned €7.673 million in rental income, remaining on par with the previous year.

As of 31 March 2025, the vacancy rate of the Group’s real estate portfolio was 4.4% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 17.7%, where filling vacant spaces has taken longer than previously.

Financing

In Q1 2025, the Fund’s subsidiary EfTEN Riga Airport SIA extended its loan agreement with the bank. Over the next 12 months, six of the Group’s subsidiaries have loan agreements maturing, with a total outstanding balance of €20.38 million as of 31 March 2025. These maturing loans have LTVs between 29% and 48%. Given the stable rental cash flows of the properties, the Group’s management does not foresee obstacles in refinancing these loans.

As of 31 March 2025, the Group’s weighted average interest rate on loans was 4.37% (31 December 2024: 4.89%) and the loan-to-value (LTV) ratio stood at 40% (31 December 2024: 40%). All loan agreements of the subsidiaries are based on floating interest rates. The Fund’s interest coverage ratio (ICR) was 3.4 as of 31 March 2025 (31 March 2024: 2.9).

Share Information

As of 31 March 2025, the registered share capital of EfTEN Real Estate Fund AS was €114.403 million (unchanged from 31 December 2024), consisting of 11,440,340 shares with a nominal value of €10 each.

The net asset value (NAV) per share as of 31 March 2025 was €20.74 (31 December 2024: €20.37), representing an increase of 1.8% over the first three months of 2025.

CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME

	I quarter
	2025	2024
€ thousands
Sales revenue	7,858	7,961
Cost of services sold	-506	-418
Gross profit	7,352	7,543

Marketing costs	-141	-200
General and administrative expenses	-1,006	-939
Other operating income and expense	-37	42
Operating profit	6,168	6,446

Profit/-loss from joint ventures	-58	-50
Interest income	83	101
Other finance income and expense	-1,803	-2,235
Profit before income tax	4,390	4,262

Income tax expense	-223	-454
Net profit of the financial year	4,167	3,808
Total comprehensive income for the period	4,167	3,808
Earnings per share
– basic	0.36	0.35
– diluted	0.36	0.35

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	31.03.2025	31.12.2024
€ thousands
ASSETS
Cash and cash equivalents	19,038	18,415
Short-term deposits	0	2,092
Receivables and accrued income	1,645	2,055
Prepaid expenses	128	138
Total current assets	20,811	22,700

Long-term receivables	140	154
Shares in joint ventures	1,902	1,960
Investment property	380,160	373,815
Property, plant and equipment	121	134
Total non-current assets	382,323	376,063
TOTAL ASSETS	403,134	398,763

LIABILITIES AND EQUITY
Borrowings	25,858	30,300
Liabilities and prepayments	3,056	3,245
Total current liabilities	28,914	33,545

Borrowings	123,813	119,120
Other long-term liabilities	1,923	1,928
Deferred income tax liability	11,244	11,097
Total non-current liabilities	136,980	132,145
TOTAL LIABILITIES	165,894	165,690

Share capital	114,403	114,403
Share premium	90,306	90,306
Statutory reserve capital	2,799	2,799
Retained earnings	29,732	25,565
TOTAL EQUITY	237,240	233,073
TOTAL LIABILITIES AND EQUITY	403,134	398,763

EREF_3kuud_vahearuanne_2025_eng

Kinnisvarakool & koolitus: Kinnisvara varjatud puudused – kuidas esitada nõudeid ja kasutada müügigarantiid

Pro Kapital: Audited annual report 2024 of AS Pro Kapital Grupp

30.04.2025 Adaur.ee

Audited annual report 2024 of AS Pro Kapital Grupp

The Supervisory Board of AS Pro Kapital Grupp has approved the Group’s audited annual report for 2024.

In 2024, AS Pro Kapital Grupp (hereafter referred to as the Group) revenue amounted to 18.2 million euros, representing a decrease of 4.9 million euros compared to the previous financial year. The decrease in revenue resulted from lower sales volumes, as most of the available units had already been sold, and the Group’s main focus in 2024 remained on the construction of new development projects. In Tallinn, the Group continued with the construction of the final stage of the Kalaranna District and began handing over the first completed units in December 2024. At the same time, new projects Uus-Kindrali in Tallinn and Šaltinių Namai Attico in Vilnius were launched, with both scheduled for completion by the end of 2025. In Riga, the Group successfully sold all remaining units in River Breeze Residence.

The Group’s gross profit for 2024 amounted to 5.4 million euros, compared to 7.0 million euros in 2023.
The year ended with a net loss of 3.9 million euros.

Prior Period Errors

The accounting treatment for the modification of financial liabilities under IFRS 9 requires that, when the terms of a financial liability are modified, the entity must assess whether the modification is substantial enough to result in the derecognition of the original liability and the recognition of a new one. If the modification is not substantial, the carrying amount of the existing liability is adjusted based on the present value of the modified cash flows, and the resulting effect is recognised in profit or loss.
In January 2024, the terms of the secured bonds issued by the Group were amended, including an increase in the interest rate from 8% to 11%. As the modification did not qualify as substantial under IFRS 9 and was treated as an extension of the existing agreement, the financial impact should have been recognised at the beginning of 2024. As a result, the carrying amount of the financial liability was adjusted, and going forward, interest expense is calculated based on the revised cash flows. A portion of the reduction in interest expense was recognised during the reporting period, and further reductions will continue in subsequent years in line with the modified cash flow schedule. The total impact on the Group’s income statement and the financial liability recognised in the balance sheet was 1 071 thousand euros.

Differences Between the Audited Financial Results for the Year Ended 31 December 2024 and the 12-Month Interim Financial Results Published on 28 February 2025:

Consolidated statement of profit or loss and other comprehensive income

in thousands of euros	2024 audited annual report	2024 12M interim report
Financial expense	-4 276	-3 205
Profit / loss before income tax	-4 030	-2 959
Net profit / loss for the period	-3 875	-2 804
Attributable to:
Equity holders of the parent	-3 675	-2 604
Non-controlling interests	-200	-200

Total comprehensive loss for the year	-3 990	-2 919
Attributable to:
Equity holders of the parent	-3 790	-2 719
Non-controlling interests	-200	-200
Earnings per share for the period €	-0,06	-0.05

As part of the audit, financial expenses were adjusted. Consequently, a loss of 1 413 thousand euros arising from the modification of the financial liability was recognised in profit or loss. The adjustment to the liability also resulted in a reduction of 342 thousand euros in previously accrued interest expense during 2024. The net impact on the income statement amounted to 1 071 thousand euros, as disclosed in Note 29.

Consolidated statement of financial position

in thousands of euros	31.12.2024 audited annual report	31.12.2024 12M interim report
Current liabilities
Current debt	21 893	15 427
Trade and other payables	5 600	6 685
Total current liabilities	37 968	32 587
Non-current liabilities
Long-term debt	27 350	31 660
Total non-current liabilities	29 569	33 879
TOTAL LIABILITIES	67 537	66 466
Equity attributable to owners of the Company
Retained earnings	30 523	31 594
Total equity attributable to the owners of the Company	50 633	51 704
TOTAL EQUITY	51 221	52 292

During the audit, adjustments were made to the recognition and classification of current and non-current liabilities as well as of equity in the balance sheet. The increase in current liabilities by 5 381 thousand euros resulted from the bond modification (interest rate change) and the resulting increase in the carrying amount of the financial liability, as well as from an additional contractual obligation to redeem secured bonds in the amount of 5 million euros by 31 December 2025, which led to a reclassification of these liabilities as current (Note 16). Furthermore, accrued interest obligations related to secured and unsecured bonds were reclassified, amounting to 1 085 thousand euros, which increased current debt and reduced trade and other payables (Notes 16, 17). Long-term debt decreased by 4 310 thousand euros, reflecting both the reclassification due to the redemption obligation and the adjustment of the financial liability arising from the modification (Note 18).
Following the adjustments, the retained earnings and total equity decreased by 1 071 thousand euros. The cumulative effect of these adjustments on the total balance sheet volume was 0 euros.

AS Pro Kapital Grupp consolidated annual report 2024 in ESEF format together with independent auditor’s report is attached to this announcement and will be made available on the company’s website.

PKG Annual Report 2024

Hepsor: Hepsor AS consolidated unaudited interim report for Q1 2025

30.04.2025 Adaur.ee

Hepsor’s consolidated sales revenue for Q1 2025 was 8.2 million euros (Q1 2024: 2.3 million euros).

The Group’s net loss for the first quarter was 0.1 million euros (Q1 2024: 1.0 million euros), of which the net loss attributable to the owners of the parent was 0.2 million euros (Q1 2024: 0.9 million euros).

In coordination with the Group’s Supervisory Board, the Management Board proposes to distribute 1,0 million euros (EUR 0.26 per share) in dividends to shareholders in 2025 from the profits of previous periods. Based on the share price as of 31 March 2025, this results in a dividend yield of 6.9%.

Development projects under construction and available for sale

In the first quarter of 2025, we continued the construction and sales of projects in our development portfolio. Customer interest in Hepsor’s developments has remained stable. In Latvia, the Annenhof Mājas development project at Jūrmalas gatve 74 was completed at the beginning of the year, where customer interest in purchasing new apartments has been high. By the end of March, 60% of all apartments in the Annenhof Mājas development project had been sold.

In the first quarter of 2025, we handed over 42 homes to customers, compared to 12 homes during the same period in 2024. Of these, 26 homes were delivered in Tallinn, and 16 in Riga.

During the reporting quarter, construction and sales continued on the first phase of the main building of the former Baltic Cotton Spinning and Weaving Factory at Manufaktuuri 5, where 150 new homes are planned to be built.

In 2024, we started the construction of StokOfiss 34 at Ulbrokas 34 in Riga. StokOfiss 34 is a multifunctional commercial building with 8,740 m² of rental space. While in 2024, we had signed lease agreements for 6% of the total rental area, as of 31 March 2025, the leases cover nearly half, or 47%, of the total rental area. The planned completion of the construction is in the third quarter of 2025.

In the associate company Hepsor P113 OÜ, the leasing of the P113 Health Centre office building continued, and as of 31 March 2025, 82% of the rental space had been leased.

Vision for the future

In April 2025, Hepsor Finance OÜ signed a shareholders’ agreement under which a 50% stake in Hepsor SOF OÜ was sold to the EfTEN Special Opportunities Fund. According to the shareholders’ agreement, Hepsor SOF OÜ will acquire 5 properties from Hepsor’s Group companies in Lasnamäe, with a total value of 9.0 million euros. Hepsor’s shareholders will earn a total of approximately 3.7 million euros in profit from these transactions, of which 1.9 million euros will be realised in the results of the following quarters in 2025. The released capital will be directed to other development projects of Hepsor Group in its current home markets. The cooperation project between Hepsor and EfTEN in Lasnamäe includes the construction of approximately 300 apartments, along with smaller amount of commercial space. The development will be carried out in three stages, with around 100 new homes in each stage. Construction of the first stage is planned to begin in 2026.

In 2025, we plan to start the construction of four new residential development projects. In Tallinn, at Manufaktuuri Quarter, we will begin the next development project at Manufaktuuri 12, where 49 new homes are planned. This will be Hepsor’s fourth development in the area. The planned start of construction is in the second half of 2025.

In Riga, Latvia, we plan to start the construction of a total of 227 new homes:

At Eiženijas iela 18, we plan to start the construction of two apartment buildings, with a total of 54 new homes;
In the Zala Jugla development project at Braila iela 23, Jugla, we will begin the construction of the first phase, which will include 70 new homes;
At Dzelzavas 74c, we plan to start the construction of an apartment building with 103 apartments.

During the reporting year, we aim to begin the construction of the first phase of the Veidema Quarter project at Ganibu Dambis 17a, a stock-office type development.

The full consolidated unaudited interim report for the first quarter of 2025 is available on Hepsor’s website:

https://hepsor.ee/en/for-investors/stock/reports-2/

Consolidated statement of financial position

in thousands of euros	31 March 2025	31 December 2024	31 March 2024

Assets
Current assets
Cash and cash equivalents	3,262	6,249	7,674
Trade and other receivables	1,589	761	1,351
Current loan receivables	200	200	311
Inventories	60,355	64,141	83,086
Total current assets	65,406	71,351	92,422
Non-current assets
Property, plant and equipment	324	288	230
Intangible assets	2	2	3
Investment properties	7,980	7,980	0
Financial investments	7,244	6,424	2,001
Non-current loan receivables	2,584	2,428	1,947
Other non-current receivables	384	340	235
Total non-current assets	18,518	17,462	4,416
Total assets	83,924	88,813	96,838
Liabilities and equity
Current liabilities
Loans and borrowings	17,942	23,336	35,546
Current lease liabilities	39	52	116
Prepayments from customers	562	724	2,916
Trade and other payables	6,184	6,542	6,150
Total current liabilities	24,727	30,654	44,728
Non-current liabilities
Loans and borrowings	32,668	31,352	28,596
Non-current lease liabilities	162	162	29
Other non-current liabilities	4,765	4,635	2,289
Total non-current liabilities	37,595	36,149	30,914
Total liabilities	62,322	66,803	75,642
Equity
Share capital	3,855	3,855	3,855
Share premium	8,917	8,917	8,917
Reserves	385	385	385
Retained earnings	8,445	8,853	8,039
Total equity	21,602	22,010	21,196
incl. total equity attributable to owners of the parent	20,531	20,912	20,114
incl. non-controlling interest	1,071	1,098	1,082
Total liabilities and equity	83,924	88,813	96,838

Consolidated statement of profit and loss and other comprehensive income

in thousands of euros	Q1 2025	Q1 2024

Revenue	8,206	2,271
Cost of sales (-)	-7,189	-2,234
Gross profit	1,017	37
Marketing expenses (-)	-279	-185
Administrative expenses (-)	-412	-443
Other operating income	23	45
Other operating expenses (-)	-17	-18
Operating profit (-loss) of the year	-332	-564
Financial income	49	37
Financial expenses (-)	-478	-438
Profit before tax	-97	-965
Net profit (-loss) for the year	-97	-965
Attributable to owners of the parent	-220	-879
Non-controlling interest	123	-86

Other comprehensive income (-loss)
Change in value of embedded derivatives with minority shareholders	-150	0
Exchange rate differences from foreign entities	-161	0
Other comprehensive income (-loss) for the period	-311	0
Attributable to owners of the parent	-161	0
Non-controlling interest	-150	0

Comprehensive income (-loss) for the period	-408	-965
Attributable to owners of the parent	-381	-879
Non-controlling interest	-27	-86

Earnings per share
Basic (euros per share)	-0,06	-0,23
Diluted (euros per share)	-0,06	-0,23

Kinnisvarakool & koolitus: Pärimine – mida peab teadma pärimismenetlusest - Evi Hindpere

Kaks Eesti arendajat investeerivad Riias 40 miljonit eurot uue elurajooni arendamisse

29.04.2025 Adaur.ee

Eesti kinnisvaraarendajad Reterra ja Invego alustasid Riias 40 miljonit eurot maksva mineva Miera Rezidences elurajooni eelmüügiga, ehitustööde algus on kavandatud 2026. aasta algusesse ning kokku rajatakse kahes etapis 172 uut kodu.

Invego juhi Kristjan-Thor Vähi sõnul on Miera tänav Riias tuntud kui omanäoline, ainulaadne ja kultuuriliselt mitmekesine piirkond. “Meie jaoks tähendab iga projekt rohkemat kui lihtsalt kvaliteetse hoone rajamist – me loome kestlikku ja inspireerivat elukeskkonda, kus inimeste heaolu ja elukvaliteet on esikohal. Teisalt peame alati ka oluliseks, et uus arendus sobituks olemasoleva linnaruumi ja kohaliku kogukonna omapäraga,” kinnitas Vähi. “Miera residentsides on suur rõhk energiatõhusatel ja moodsatel lahendustel ning silmapaistval arhitektuuril, mis loob tervikliku elukeskkonna, kus igaüks saab nautida rohelust ja rahu, elades samas mugavalt linnasüdame läheduses,” selgitas Vähi.

„Miera arendusega loome Riias uue nii-öelda taskukohase luksuse standardi, et vastata erineva elustiiliga inimeste soovidele ja vajadustele,“ rõhutas omalt poolt Reterra juht Reigo Randmets, kelle sõnul on Miera tänava ainulaade iseloom inspireeriv keskkond, kuhu uut elukeskkonda arendada. „Uued kodud sobivad ideaalselt linnainimestele, paaridele ja peredele, kes hindavad head arhitektuuri, looduslähedust ja mugavat ligipääsu linna infrastruktuurile,“ lisas Randmets.

Elamukompleksi arhitektuuriline kontseptsioon valiti välja konkursi korras ning seda arendatakse edasi tihedas koostöös Läti arhitektuuribürooga Tectum. Ruumikate rõdude ja terrassidega korteritel on 2,8 meetri kõrgused laed ning suured maast-laeni aknad, mis toovad kodudesse avaruse ja loomuliku päevavalguse. Läbimõeldud planeeringutega kodud on tähistatud A-energiaklassi märgisega ja ülemiste korruste korterid on varustatud jahutussüsteemi paigalduse ettevalmistusega.

Läti pealinnas arendavad Invego ja Reterra lisaks Miera Rezidencesile koos veel kahte elurajooni elurajoone Parka Kvartals ja Skanstes Rezidences. Lisaks on Invegol eraldi Riias käsil veel Vitolu Parksi ning pealinna läheduses asuvate Vide Adaži ja Marupes Sirds elurajoonide arendamine.

Kümne tegutsemisaasta jooksul on Reterra kujunenud kiiresti oluliseks tegijaks Eesti kinnisvaraturul, keskendudes elamu- ja äriprojektidele Tallinnas ja Tartus, aga ka Läti pealinnas Riias. Reterra on rajanud 1000 uut kodu ning haldab 70 000 m² äripinda, kus klientide hulgas on Telia, Pipedrive, Selver, Coop, Leonhard Weiss ja teised.

Invego on Tallinnas ja lähiümbruses kinnisvara arendavatest ettevõtetest müüdud uute kodude arvu poolest viimase viie aasta koondarvestuses teisel kohal ligi 900 koduga. Senisteks mahukamateks arendusteks on juba valminud Vana-Peetri, Tiskreoja ja Tabasalu Kodu ning praegu töös olevad Luccaranna, Uus-Järveküla ja Keila Pargikodude elurajoon. Ettevõte on rajanud ka üle 50 000 m2 äripinda. Eesti ja Läti kõrval on Invegol Lõuna-Portugalis arenduses 65 hektaril laiuv Silves Hills elurajoon 154 villaga, mis on sobilikud nii hooajaliseks kasutamiseks kui aastaringseks elamiseks.

Invego gruppi kuulub üle 30 ettevõtte Eestis, Lätis ja Portugalis ning kokku on töös ligi 30 erinevat arendusprojekti. Invego on aastate jooksul välja arendanud enam kui 150 000 m2 ning töös on veel 450 000m2 elukondlikku ja ärikinnisvara.

Kinnisvarakool & koolitus: Eluruumi üürimise praktikum: lepingu sõlmimine ja aktuaalsed probleemid

Kaamos: ärikinnisvara niigi tihedas konkurentsis hakkavad teistest maha jääma sertifitseerimata hooned

29.04.2025 Adaur.ee

Kaamos Kinnisvara on süsteemselt kaasajastanud oma ärikinnisvara portfelli, mille tulemusel on kõik ettevõtte büroohooned saanu rahvusvahelise keskkonnasertifikaadi BREEAM või LEED. Ettevõtte juhi hinnangul pole tegu üksikute investeeringutega vaid selge märgiga muutuvast praktikast ärikinnisvaraturul.

Kaamose portfellis kannab nüüd LEED Gold taset Avala kvartali büroohoone, BREEAM Very Good taset Tammsaare Ärikeskus ning BREEAM Good taset Endla Ärimaja ja Tatari Ärimaja. Kõik hooned on varustatud ka vastavate tähistustega, mis viitavad keskkonnasertifikaatide täitmisele.

Kaamos Kinnisvara tegevjuht Taimo Murer ütleb, et selliste sertifikaatide saamine ei ole enam maine asi vaid jätkusuutliku äritegevuse eeltingimus. „BREEAM või LEED võis tähendada veel mõni aasta tagasi lisaväärtust. Täna on see sageli minimaalne nõue, et kestlikkuse põhimõtteid järgivad kliendid üldse läbirääkimistelaua taha tuleksid,“ selgitab Murer. Tema sõnul on muutunud ka kohalik ettevõtluskeskkond, kus kliendid küsivad järjest rohkem hoonete energiaklassi, ventilatsioonisüsteemi tüübi või vee- ja jäätmekäitluse lahenduste kohta. „See on aina mõjuvam otsustuskriteerium,“ ütleb Murer.

Sertifitseerimine nõuab hoonetelt tõendatud vastavust mitmes valdkonnas, näiteks hoone energiakasutus, ligipääsetavus, sisekliima jne. Nende omaduste hindamine ja eriti tõstmine tähendab arvestatavaid investeeringuid. Sellegipoolest muutub nende rakendamine järjest vähem valikuliseks.

Turuolukord Tallinnas, kus pakkumine ületab nõudlust, sunnib kinnisvaraomanikke selgemini positsioneerima.

Kaamose hinnangul annab sertifikaat rentnikule kaudse ent mõõdetava kasu. Tõhusam energiakasutus ja sisekliima vähendavad kõrvalkulusid ja parandavad töötajate produktiivsust. Veelgi tähtsamaks on muutumas asjaolu, et paljude ettevõtete enda kestlikkuse strateegiad välistavad sertifitseerimata pindade kasutamise.

Mureri hinnangul on standardite täitmisega alanud pikaajaline suunamuutus Eesti kinnisvaraturul. „Lähiaastatel ei küsita enam, kas hoone on sertifitseeritud. Küsimus saab olema, millise tasemega ja millises ulatuses,“ hindab ta.

Kinnisvarakool & koolitus: Kinnisvara hindamise ABC

Arco Vara: Viljandi linna ja Viljandi maakonna kinnisvaraturu ülevaade (2025. a. I kvartali seisuga)

29.04.2025 Sirli Leevit

2025. a. I kvartalis Viljandi maakonna korteriturul tehingute arv aastases võrdluses suurenes

2025.aasta I kvartalis tehti Viljandi maakonnas kui tervikus kokku 97 korteritehingut, mida oli hooajaliselt küll 7,6% vähem kui eelnevas kvartalis, kuid siiski 4,3% enam kui 2024. aasta samal perioodil. Taoline muutus on selgelt kirjeldanud olukorda, kus langustsüklist on väljutud. 2024. aasta I kvartalist alates on tehingute arv suurenenud aastases võrdluses pelgalt kolmes kvartalis.

2024.aasta II pooles pakkumismahu edasine kasv hooajaliselt peatus, kuid 2025. aasta I pooles ootuspäraselt siiski taas mõnevõrra suurenes, viidates lähitulevikus marginaalsetele hinnakasvu võimalustele.

Väljaspool maakonnakeskust tehti 2025. aasta I kvartalis paralleelselt 52 korteritehingut, mida oli 27% enam kui eelnevas kvartalis.

Viljandi linnas tehti 2025. aasta I kvartali tehingute taustal korteritehinguid mediaanhinnaga 1055 €/m2, mida oli ajutiselt koguni 16% vähem kui eelmises kvartalis ning 15% vähem kui 2024. aasta I kvartalis. Aasta alguses mõjutas hinnastatistikat aga peamiselt olukord, kus laialdasemalt soetati madalamahinnalisi varasid nende madalama kvaliteedi tõttu, mille juures tegelikkuses siiski taolist üleüldist hindade langust ei saanud jällegi turul märgata.

Elamispinna kättesaadavuse halvenemise trend on 2023. aasta keskpaigast pöördunud taas vaikselt paremuse poole, võimaldades lähiaastatel ka piirkondliku elanikkonna ostujõul kosuda ja toetades ajutiselt veidi enam Viljandi linna üürituru efektiivsuse paranemist. Olukorras aga, kus prognoositavalt 2025. aastal veel korterite pakkumis- ega ka tehinguhinnad märkimisväärselt ei tõuse, ei ole ka veel lähikvartalitel potentsiaalsetel koduostjatel niivõrd põhjust üüripinnalt ära kolida (kodu soetada), sest taolises turukeskkonnas ei ole alanevate intressimäärade taustal põhjust oodata ka märkimisväärselt tõusvaid üürihindu.

Viljandi linna ja Viljandi maakonna korterituru tehinguaktiivsus ja hinnadünaamika

* 2025. aasta andmed on toodud I kvartali seisuga.

Allikas: Maa- ja Ruumiamet, tehingute andmebaas

Üürihindade osas võib uus kasvutsükkel alata 2025. aastast varasemalt kui ostu-müügiturul

Selle aasta esimeses kvartalis oli 55 üüripakkumist, mille juures üürihinnad on viimastel aastatel üsna järjepidevalt pigem alanenud. Võrreldes aastatagusega olid 2025. aasta alguses üürihinnad ligi 5% madalamad Üürihindade tõus võib kiireneda eeskätt 2025. aasta Il või 2026. aasta I poolest.

Kinnisvaraarendajad on uute projektide algatamise ootuses, kuid kindlustunne on nõrk

Piirkondlike kinnisvaraarendajate huvi uusi korterelamuid püstitada on jätkuvalt laialdane, kuid ettevõtjate kindlustunne oli siiski ka veel 2024. aastal võrdlemisi nõrk, mille juures võib tulevikus saabuda hetk, kus ühel ja samal ajahetkel alustatakse üsna suures mahus uute arendusprojektide läbiviimist (ehk 2025. aasta sügisel või 2026. aasta kevadel).

Kohalike kinnisvaraarendajate poolt on mitmeid rekonstrueeritavates hoonetes paiknevaid kortereid nii avalikult kui ka mitteavalikult müügipakkumises. Pakkumishinnad jäid 2025. aasta alguses valdavalt vahemikku 2700 – 4000 €/m2, mille juures hinnad on eelnevate aastatega võrreldes selgelt tõusnud. Keskmisest kõrgema hinnatasemega varade müügitempot ja ostuhuvi võib suhteliselt tagasihoidliku turundustegevuse taustal pidada pigem madalaks.

Elamuturg on järginud suhteliselt sarnaseid trende nagu korteriturg

Passiivne ostuhuvi on olnud ennekõike uusehitiste osas hinnaklassis 200 000 – 275 000 eurot, mida aga turul ei ole piisavalt pakkuda ja mille pakkumisse lisandumine taolises hinnavahemikus on ka lähitulevikus olenemata taandunud ehitusaktiivsusest ja alanenud ehitushinnast 2025. aasta vaates suhteliselt marginaalne. Spekulatiivse müügipakkumise suurenemist hoiab tagasi eeskätt hoonestamata elamumaade viimaste aastate tempokas hinnakasv ning jätkuvalt kõrge ehitushind.

Sagedasti on maapiirkondades elamutehingud endiselt ära jäämas, sest krediidiasutused ei soovi vastavaid varasid finantseerida või on probleemiks ostjaskonna kõrgem krediidirisk.

Viljandi linna ja Viljandi maakonna elamuturu tehinguaktiivsus ja hinnadünaamika

* 2025. aasta andmed on toodud I kvartali seisuga.

Allikas: Maa-ja Ruumiamet, tehingute andmebaas

Prognoosid

2025.aastal võib Viljandi maakonna korteriturul oodata võrreldes 2024. aastaga mõnevõrra positiivsemat turukeskkonda, mille juures on oodata turuaktiivsuse mõningast võimalikku piirkondlikku suurenemist. Korterituru pakkumismahu osas saavutati arvatavalt senine tipptase juba 2024. aastal, mille juures edasise turuaktiivsuse kasvu taustal on oodata pakkumise vähenemist ja sellest tulenevalt teatava ajalise viitega ka taaskordset hinnatõusu tsüklit, mis seniste prognooside kohaselt algab ehk esmalt 2025. aasta II või 2026. aasta I poolest.

Piirkondlikul üüriturul püsib pakkumismaht 2025. aastal endiselt ulatuslik, kuid siiski perspektiivis vähenev, mille juures üürihindade taaskordsest võimalikust kasvutsüklist saab selgemal kujul rääkida ehk sarnaselt ostu-müügitehingute turule peamiselt 2025. aasta II või ka 2026. aasta I poolest. Tänases turukeskkonnas on veel siiski üürimine võrreldes kinnisvara laenurahaga soetamise osas kohati selgelt soodsam, kuid intressimäärade edasise mõningase taandumise ja ka peatse üürihindade kasvu kiirenemise taustal ehk vastav olukord veidi leeveneb, tuues osa üürijaskonda tagasi ka potentsiaalsete ostuhuviliste sekka.

Uusehituse osas võib 2025. aastal oodata taaskordselt kasvutsükli algust, millele ajalise viitega järgneb ka ehitushindade kallinemine. Lähikvartalitel jäävad turuaktiivsust hoidma peamiselt keskmise ja keskmisest madalama hinnaklassi üksikelamud ning seda jätkuvalt peamiselt Viljandi linnast väljaspool, mille juures halvenenud elamispinna kättesaadavuse taustal on eriti atraktiivsed piirkonnad just vahetult maakonnakeskuse lähiümbruses.

Elamute järelturu kasvu jäävad takistama jätkuvalt aktuaalsed probleemid juurdepääsuservituutide puudumise või tagantjärele seadustamist vajavate ehitustööde tõttu, mis takistavad varade soetamist eluasemelaenuga.

Maa- ja Ruumiamet: Riigimaa enampakkumistel kehtestatakse osavõtutasu

29.04.2025 Adaur.ee

Maa- ja Ruumiamet rakendab edaspidi riigimaa müügi- ja rendi enampakkumistel osavõtutasu.

Maa- ja Ruumiameti korraldatavatel riigimaa enampakkumistel kohaldub edaspidi osalejatele pakkumise osavõtutasu. Riigivaraseaduses on osavõtutasu kohaldamise võimalus olnud sätestatud juba aastakümneid ja mõned asutused on seda ka varem oksjonitel kohaldanud. Muutunud majandusolukorras ja riigi rahalise seisu pingestumise tõttu oleme otsustanud tasu kehtestada, et katta menetluskulud ja tagada, et konkreetsele sihtrühmale suunatud teenust ei peaks kinni maksma kõik maksumaksjad.

Osavõtutasu on 2% oksjoniobjekti pakkumise alghinnast. Maa müügi enampakkumistel määratakse maksimaalseks osavõtutasuks 5000 eurot ja rendi enampakkumistel maksimaalselt 500 eurot.

Osavõtutasu arvestatakse ja kajastatakse elektroonilises oksjonikeskkonnas automaatselt väljastatavale arvele koos tagatisrahaga. Osavõtutasu summa osalejatele tagastamisele ei kuulu.

Tagatisraha summa tagastatakse oksjoni tulemuste selgumisel neile osalejatele, kes enampakkumist ei võitnud.

Statistikaamet: Jaekaubandusettevõtete müügimaht kasvas märtsis 2%

29.04.2025 Statistikaamet

Statistikaameti andmetel oli jaekaubandusettevõtete müügitulu 2025. aasta märtsis 879 miljonit eurot. Võrreldes eelmise aasta sama kuuga suurenes müügimaht 2%.

Statistikaameti analüütik Johanna Linda Pihlak tõi välja, et märtsis mõjutasid jaekaubandusettevõtete müügimahu kasvu mootorikütuse jaemüügiga tegelevad ettevõtted ja tööstuskaupade kauplused. „Teisalt kiirenes toidukaupade kaupluste müügimahu vähenemine märtsis veelgi, kahanedes eelmise aasta sama kuuga võrreldes 7%,“ lisas Pihlak.

Mootorikütuse jaemüügiga tegelevate ettevõtete müügimaht suurenes 2024. aasta märtsiga võrreldes 15%. „Nende ettevõtete müügimahu kasvule avaldasid mõju eelmise aasta märtsi madal võrdlusbaas ning mullusest odavam mootorikütuse hind,“ täpsustas Pihlak.

Tööstuskaupade kaupluste müügimaht suurenes 2024. aasta märtsiga võrreldes 5%. Tööstuskaupadest kasvas müügimaht kõige rohkem ehk 25% muudes spetsialiseeritud kauplustes, kus kaubeldakse peamiselt arvutite ja nende lisaseadmete, raamatute, sporditarvete, mängude, mänguasjade ja muuga. Müügimaht suurenes veel 7% apteekides ja kosmeetikatarvete kauplustes ning 2% posti või interneti teel kaupu müüvates kauplustes. Müügimaht vähenes 9% muudes spetsialiseerimata kauplustes, kus on ülekaalus tööstuskaubad (nn kaubamajad), 5% majatarvete, kodumasinate, rauakaupade ja ehitusmaterjalide kauplustes ning 2% kasutatud asjade kauplustes ja väljaspool kauplusi ehk kioskites, turgudel ning otsemüügil. Tekstiilitoodete, rõivaste ja jalatsite kauplustes kahanes müügimaht 1%.

Selle aasta veebruariga võrreldes suurenes märtsis jaekaubandusettevõtete müügimaht 12%. Sesoonselt ja kalendaarselt korrigeeritud andmete põhjal vähenes müügimaht eelmise kuuga võrreldes 1%.

2025. aasta kolme kuuga (jaanuar – märts) suurenes jaekaubandusettevõtete müügimaht eelmise aasta sama perioodiga võrreldes 3%.

Jaekaubanduse andmed avaldatakse ettevõtte põhitegevusala järgi. Näiteks posti või interneti teel kaupu müüvate kaupluste all kajastuvad vaid nende ettevõtete andmed, mille põhitegevusala on Eesti majanduse tegevusalade klassifikaatori (EMTAK 2008) järgi jaemüük posti või interneti teel (EMTAK 4791). Kui ettevõtte põhitegevusala on näiteks jaemüük spetsialiseerimata kauplustes, kus on ülekaalus toidukaubad, joogid ja tubakatooted (EMTAK 4711), aga lisaks müüakse kaupu ka e-poes, siis kajastatakse nii tavakaupluse kui ka e-poe müügi andmed toidukaupade kaupluste all.

Müügitulu mahuindeks – indeks, mis iseloomustab kaupade müügi mahu muutust püsivhindades võrreldes mingi eelmise perioodi müügiga. Indeksi arvutamisel on kasutatud kaupade hinnaindekseid.

Statistika aluseks on maksu- ja tolliameti käibedeklaratsiooni andmed. Statistikatööd „Kaubandusettevõtete kuu majandusnäitajad“ teeb statistikaamet majandus- ja kommunikatsiooniministeeriumi tellimusel, et saada aru, kuidas läheb Eesti majandusel.

Kinnisvarakool & koolitus: Kinnisvaraarenduse praktikum – ideest teostuseni

Koolitus “Tööstressiga toimetulek ning kuidas olla hea töövõimega” toimub 13.05.2025

29.04.2025 Margot Toompark

Koolitus “Tööstressiga toimetulek ning kuidas olla hea töövõimega” toimub 13.05.2025. Koolituse eesmärk on ennetada tööstressi tekkimist ning õpetada oskusi, kuidas anda endale või teistele viivitamatut esmaabi, kui tööstress on juba kohal. Koolitaja on psühholoog Anneli Salk.

Koolitus annab:

oskuse eristada väsimust ja läbipõlemist;
arusaamise erinevate inimtüüpide stressikäitumisest;
oskuse ennetada tööstressi;
juhiseid lihtsamateks lõõgastusharjutusteks.

Koolitus “Tööstressiga toimetulek ning kuidas olla hea töövõimega” toimub 13.05.2025 kell 13.00-16.15 hübriidõppe vormis – koolitusel osalejad valivad, kas osalevad kontaktkoolitusel klassiruumis või eelistavad osaleda koolitusel veebi teel.

Kinnisvarakooli koolitusklass asub Tulika 19, Tallinn, Flora Maja B-korpuse 1. korrusel.

Kõik, kes eelistavad koolitusel osaleda veebi teel, saavad enne koolituse algust personaalse veebilingi Microsoft Teamsi keskkonda.

Lisateave ja registreerumine

Registreeru koolitusele: +372 525 6655, kool@kinnisvarakool.ee või kodulehel.

Margot Toompark
Kinnisvarakool OÜ
Koolituste müük ja korraldus
+372 525 6655
kool@kinnisvarakool.ee
www.kinnisvarakool.ee

Statistika: Eesti 2024. a korteritehingute käive oli 1749 eurot inimese kohta

29.04.2025 Tõnu Toompark

2024. a Eesti korterite ostu-müügitehingute rahaline käive oli 1749 eurot inimese kohta. Aasta varasemaga võrreldes tehingute käive inimese kohta mõnevõrra vähenes. 2023. a korteritehingute käive inimese kohta oli 1815 eurot.

Maakondlikult on suurim korteritehingute käive Harjumaal, sest Harjumaa korterid on märksa kallima keskmise hinnaga kui mujal Eestis. Harju maakonna korteritehingute käive inimese kohta oli 2024. a 2810 eurot, Tallinna linnas 3021 eurot ja Harjumaal ilma Tallinnata 2298 eurot.

Harjumaa järel suurem korteritehingute rahaline käive oli Tartu maakonnas, kus 2024. a tehti korteritehinguid mahus 1973 eurot inimese kohta.

Harju ja Tartu maakondade kõrval on pisut suurema korteritehingute käibega Läänemaa ja Pärnumaa, kus korteritehingute 2024. a käive oli vastavalt 887 ja 1003 eurot.

Ülejäänud 11 maakonna korteritehingute käive inimese kohta on väga tagasihoidlik jäädes vahemikku 200- 439 eurot.

Andmed on kombineeritud maa- ja ruumiameti ning statistikaameti andmete alusel.

Kõigi graafikute vaatamiseks kliki siin: KINNISVARATURG GRAAFIKUTES!

Soovid nõustamist siin kommentaaris toodud või muudel kinnisvaravaldkonna teemadel? Kontakteeru palun +372 525 9703 või tonu@toompark.ee (Tõnu Toompark).

Tõnu Toompark on Adaur Grupp OÜ ja Kinnisvarakool OÜ juhatuse liige ning Eesti Kinnisvarafirmade Liidu (EKFL) ja Eesti Omanike Keskliidu juhatuse liige.

Kinnisvarakool & koolitus: kuidas korteriühistus võlglastega hakkama saada

Capital Mill: Amserv pani Peetris nurgakivi Baltikumi suurimale autoesindusel

28.04.2025 Adaur.ee

Täna asetati Peetris nurgakivi uuele Amserv Tallinn autoesindusele, mis valmib 2026. aasta suvel ning saab olema suurim omataoline Baltikumis. Uus Toyota autoesindus rajatakse Vägeva tee 2 kinnistule, otse Tartu maantee äärde, kus hakatakse pakkuma kaasaegset ja mugavat teenindust nii uute kui ka kasutatud autode klientidele.

Rohkem kui 12 000 m² suurune hoone koondab endas Toyota müügi- ja teenindusalad, kaasaegse kasutatud autode salongi, remondihallid, laod ja parkimismaja. Esindus vastab Toyota uusimatele standarditele ning selle rajamisel pööratakse erilist tähelepanu energiatõhususele ja keskkonnasäästlikkusele. Hoonele taotletakse rahvusvahelist LEED GOLD sertifikaati ning hakkab vastama A-energiaklassile.

Amserv Grupi tegevjuhi Rene Vareki sõnul on tegemist ettevõtte jaoks märgilise sammuga. „Oleme uut asukohta Tallinnas pikalt otsinud, sest meie ajaloolised ruumid Pärnu maanteel ei vasta enam tänapäeva ootustele. Uus esindus võimaldab meil pakkuda veelgi kvaliteetsemat kliendikogemust ning viia kõik teenused kaasaegsesse ja avarasse keskkonda,“ ütles Varek.

Amserv Tallinn uus esindus on osa ettevõtte laiemast investeeringuplaanist. „Kuigi autoturg on viimastel aastatel olnud muutlik, avasime 2025. aasta alguses uued esindused Pärnus ja Paides. Meie eesmärk on vaadata tulevikku ning investeerida kliendikogemusse ja kaasaegsesse teenindusse,“ lisas Varek.

Amservi esindust arendab Coop Panga rahastusel kinnisvarainvesteeringute ettevõte Capital Mill. „Meil on hea meel teha koostööd ettevõttega, kellel on selge visioon ja soov luua midagi enamat kui lihtsalt hoonet. Amservi uue keskuse näol sünnib midagi, mis ühendab kaasaegse arhitektuuri, jätkusuutlikkuse ja pikaajalise väärtuse,“ sõnas Capital Milli partner Tanel Samuel.

Toyota Baltic tegevjuht Marek Maide tunnustas Amservi panust Toyota klientide üha paremasse teenindamisse. Maide sõnul ei seisne Toyota tugevus Eestis üksnes brändi tuntud kvaliteedis, töökindluses ja laias tootevalikus, vaid kindlasti ka kohalikes esindustes, mis investeerivad parimasse klienditeenindusse ja kaasaegsesse töökeskkonda. „See projekt näitab selgelt, kuidas Amserv panustab klientide rahulolu suurendamisse, sidudes oma pikaajalised kogemused Toyota uue teenindusmudeliga,” sõnas Maide.

Elamispindade turu statistika ja info: 04.2025

28.04.2025 Tõnu Toompark

Elamispindade turul tehakse tehinguid isegi üsna aktiivselt. Tehingute keskmine hind liigub horisontaalsuunas. Turgu toetab langev Euribor ja aeglaselt, kuid kindlalt paranev elamispindade kättesaadavus. Segadust tekitavad kaubandussõja jutud, madal tarbijakindlus ning üldine määramatuse suurenemine.

Mis on olulised tegurid, mis suunavad elamispindade turu trende? Kuidas on seotud omavahel suur makromajanduse pilt korterituru arengutega? Millised on arengud erinevates turusegmentides? Kas meile paistavad puud või mets?

Analüüsin elamispindade turu arenguid nii makro- kui mikromajanduse vaatest. Seon sisulised tegurid ja teen järeldused, mis on konkreetsete numbritega põhjendatud. Aitan aru saada, mis toimub ühes või teises piirkonnas päriselt.

Kui sul on elamispindade turu osas küsimus, siis mul on vastus. Kui sa ei oska küsimust esitada, siis räägime. Aitan püstitada küsimuse ana anda sisulist infot, mis aitab kinnisvara-alaseid otsuseid langetada.

Tõnu Toompark, Adaur Grupp OÜ analüütik ja konsultant, +372 525 9703, tonu@toompark.ee.

Uus Maa: STATISTIKA: eramu keskmine hind lõi esimeses kvartalis ajaloolise rekordi

28.04.2025 Igor Habal

Tänavu esimeses kvartalis tehti Eestis eramutega mullu sama ajaga võrreldes 18% rohkem tehinguid tervelt 32% suurema summa eest, analüüsib Eesti suurim kinnisvarabüroo Uus Maa Maa-ameti statistikat.

Uus Maa juhatuse liikme Igor Habali sõnul on elumajaga tehtava kinnisvaratehingu keskmine hind tõusnud aastaga 11,8% 210 000 euroni, mis on iseseisvusaja kõrgeim tase. „Kui korterite hind on püsinud kaks aastat samal tasemel, mis kõrge inflatsiooni tingimustes tähendab tegelikult reaalhinna langust, siis eramud on hinda hoidnud või kasvatanud – mullu tõusis eramu väärtus keskmiselt 13,6%. Viimase viie aastaga on keskmine eramaja hind kasvanud ligi 40%,“ rääkis Habal.

„Eramuid ostavad praegu jõukamad ja nõudlikumad inimesed, kes soetavad kallimat kinnisvara – müüdavate majade seisukord, kvaliteet ja hind on senisest kõrgemad. Suurem osa kinnisvaratehinguid tehakse Tallinnas ja Harjumaal, kus odavamad krundid ja majad on ära ostetud, mis lööb samuti keskmise hinna üles,“ kommenteeris Habal.

Uus Maa juhatuse liikme sõnul on majatehingute arv koroonaaegse buumi tipuga võrreldes kolmandiku võrra madalam. „Tehingumahtudelt on turg võrreldav 2016.-2017. aastaga, mis on täiesti tavapärane tase ning mullistumist pole karta. Hinnad on samas kallimad – vahepeal käis üle nii tarnekriis kui inflatsioon ning ehitushind jäigi kõrgemaks,“ rääkis Habal.

“Hoolimata kiirest hinnatõusust on turg endiselt ostja poole kaldu. Pakkumist on piisavalt ning ostjad ei kiirusta otsuse tegemisega. Kuigi erandeid on, siis tuleb tõdeda, et juhul, kui müüja soovib kiiret müüki, tuleb hinna osas arvestada läbirääkimisruumiga. Objekti hinnastamine on võtmetähtsusega – kui realistlikult hinnastatud korteri keskmine müügiaeg on 3-4 kuud, siis majal 8-12 kuud,” ütles Habal.

“Erinevalt koroonaajast emotsionaalseid otsuseid ei tehta, pigem on valikud väga teadlikud. Maja ostavad inimesed, kes hindavad suuremat autonoomsust või kel on majas elamise kogemus ja kindel soov. Maja otsitakse pigem 30-60 minuti kaugusele linnast või tõmbekeskusest, kus on olemas tiheasustus ja ei pea lapsi kõikjale autoga edasi-tagasi transportima,“ rääkis Habal.

„Sarnaselt majadega pole ka eramumaa hinnad viimaste aastatega langenud, vaid Tallinna lähivaldades on tühjad ehituskrundid muutunud järjest defitsiidsemaks,“ lisas Habal.

Majadega tehti 2025. aasta esimeses kvartalis üle Eesti 472 tehingut, mis on 18% rohkem kui mullu samal ajal. Keskmine maja maksis 210 000 eurot, mis on 11.8% eelmisest aastast enam. Majatehingute käive kasvas esimeses kvartalis aastaga 31,9% 99,3 miljoni euroni.