January was the first month in which EfTEN United Property Fund’s results are based on a fully invested property portfolio. The net asset value (NAV) per unit of EfTEN United Property Fund was 11.23 euros at the end of January,…
For the Group as a whole, 2024 was a moderately profitable year, despite the ongoing economic downturn and interest rates which remained relatively high during the year. Encouragingly, the bottom of the market in terms of transaction activity remained backward-looking…
GROUP CEO’S REVIEW The fourth quarter of 2024 marked a period of adjustment for Estonia’s real estate market, with both residential and commercial sectors experiencing shifts in pricing and occupancy rates. Base interest rates were stable compare to the previous…
On 12 February 2025, AS Merko Ehitus Eesti, part of AS Merko Ehitus group, and the Tallinn Property Department signed a construction contract for the construction of the Tallinn Hobby Centre Kullo located at Mustamäe tee 59, Tallinn. The contract…
The year 2024 was successful for the Nordecon Group. Profitability improved significantly, and revenue increased. The general contracting market remains highly competitive, and developers’ confidence is low. No change is expected in the volume of public sector orders for the…
Although there were no huge positive development leaps in the operating environment, there were still signs of renewed optimism in the residential property market. During the fourth quarter, we signed 34 contracts under the law of obligation (sales contract; 2024…
The US economy will continue on a comparatively strong growth path in 2025 and 2026, while GDP growth in both the euro area and China will be limited by structural challenges. Inflation in the western economies is not too far…
Comment by EfTEN Capital managing director Kristjan Tamla The Baltic real estate market showed the first signs of recovery in 2024. Several commercial real estate owners adjusted their selling price expectations downwards. In addition, the accelerated decline in EURIBOR in…
BUSINESS CLIMATE Business cycle. In 2024 recession worries came and disappeared in global economy. Towards the end of a year global growth was lower than at the start of a year in almost all major regions, but far away from…
In the third quarter of 2024, Estonian GDP dropped by 0.7% y/y in real terms (seasonally non-adjusted), while remained at the same level compared to the previous quarter (seasonally and working day adjusted), according to the updated estimate of Statistics…
With interest rates falling faster than expected and wage growth remaining strong, housing affordability gradually improves. Both factors will continue boosting affordability and demand in Latvia and Lithuania next year, while Estonia will rely solely on lower rates. Favourable inflation…
Today, 21.11.2024, EfTEN Paemurru OÜ OÜ finalized the transaction by which the company acquired the property located on Paemurru tee 3, Laabi village, Harju County, Harku Municipality, near Tallinn. Previously (30.09.2024), the fund has notified the stock exchange of…
MANAGEMENT REPORT Real Estate Development In 2024, we are continuing the construction and sales activities of the last stage of Kalaranna 8, Tallinn. The final stage consists of 4 residential buildings with 146 apartments and 4 commercial units which, upon…
Nordecon AS and Eesti Rahvusringhääling (Estonian Public Broadcasting) entered into a contract for the construction of the new TV house in Tallinn, located at F.R. Kreutzwaldi tn 14 / Gonsiori tn 21. The new television building is a multifunctional structure…
Management Board of Northern Horizon Capital AS has approved the unaudited financial results of Baltic Horizon Fund (the Fund) for the nine months of 2024. Our strategic ambitions Over the past year, our focus has been on reshaping our strategy to…