"Estera Development" continues to successfully develop its activities in the real estate market of Latvia

«Estera Development», a real estate developer from Estonia does not stop at what has been accomplished up to this stage and continues to successfully develop its activities in the real estate market of Latvia. The owners of «Estera Development» Aadu Oja and Ülo Adamson talk about the current achievements and the future plans.

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What are the current achievements of "Ester Development" in the real estate market of Latvia?

Ü.A.: Seeing the potential in the real estate market of Latvia, we decided to launch our business here two years ago – in 2016. Over the past two years we have developed our first two development projects. One of them is the most affordable apartment project in Riga – "Liepziedi", which is located next to Mežaparks – the favourite recreation place for residents of Riga. Up to now we have developed the first stage of the project, but soon the construction of the next stage will also begin. In our second project "Tuvidi" in Baloži we have taken into account the experience gained during the development process of 'Liepziedi" and the positive comments from the residents.

"I already fell in love with this project long ago! While everything was still grey! The place is outstanding, Mežaparks, everything is dear, green and new.  When everything already started to take colour and shape – I understood that I wanted to live here! I think that everything is ideal! The location, everything is new and fresh, great neighbours," this is what resident R. Veveris says about his daily life at "Liepziedi".

A.O.: Similarly to "Liepziedi", this project is also characterised not only by the affordable apartment prices and the functional layouts of the rooms, but also by the presence of nature and at the same time a strategically advantageous location – within a 20-minute drive from the centre of Riga. 

Both of these projects have received significant recognition among the buyers in Latvia. When focusing on the local people, price and functionality are very important factors, therefore we understand that our most expensive apartments should fall within the range of 100 thousand euros. We are pleased to see that our concept of well-considered functionality in economy class apartments clearly works. This gives us the confidence to continue the development of projects in the Latvian market and increases the support of our cooperation partners and investors. 

Please, describe the former development of your first apartment project "Liepziedi"

A.O.: We are very pleased with the progress made in the first stage of development of "Liepziedi". From a technical point of view, this was a rather complicated process, but despite that we managed to implement everything with success. We are grateful to all of the partners involved, including in the areas of marketing and sales. Their work has been an immeasurable part of the success of "Liepziedi". Currently more than 85% of apartments have been sold, therefore we are ready to rapidly, but in a well-considered manner, start the development of the next stage or "Liepziedi 2"

When are you planning to launch the development of "Liepziedi 2"?

Ü.A.: We plan to launch the construction and sales processes of "Liepziedi 2" in autumn 2018 and are currently in the active and exciting design and planning phase. We plan that on the six floors of the building there will be 167 apartments with functionally planned premises with areas from 26 to 77 square metres.

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Will "Liepziedi 2" introduce any significant differences from the first building?

Ü.A.: We have decided to follow the same concept that we have been implementing in the development of the first "Liepziedi" stage, of course in the light of the gained experience and making improvements and additions where we see it is necessary. It is important for us to provide our customers with affordable prices, while maintaining high-quality standards in every one of our projects. While sticking to the basic principles of development of the first building, in the development of "Liepziedi 2" we will also devote special attention to the use of well-considered and high-quality materials.

What are the further development plans of “Estera Development” in the real estate market of Latvia?

A.O.: We continue to develop and expand our operations in the real estate market of Latvia, at the same time continuing to offer high-quality residential space at an attractive price for local residents.  Currently, in addition to the development of "Liepziedi" and "Tuvidi", there are several new projects that we already intend to introduce in the Latvian market in the near future. 

Ü.A.: For a small insight, we can mention some of them – "Dienvidu pakavs 3" (220 apartments in Ziepniekkalns) and "Mākoņkalns" (800 apartments in Valdlauči, Kekava). In the perspective of future years, we have intended to develop more than 2000 apartments in Riga and its surroundings. We believe that our existing and potential clients will highly appreciate our approach to the development of apartment projects in Latvia.

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