Despite challenges in the real estate market, Everaus Kinnisvara delivered solid growth in both revenue and profit in 2024 and has continued this momentum into 2025. Sales in Q1 2025 were nearly double those of the same period last year, and the pace of transactions in the current quarter points to continued strong demand. These positive results have encouraged the company to expand its operations into Latvia.
The year 2024 marked a period of significant growth and financial strengthening for Everaus Kinnisvara. Consolidated audited revenue reached €14.6 million—an increase of 182% compared to the previous year—driven primarily by the sale of residential units. Key residential developments were completed in Järveküla and Luige, contributing significantly to the revenue boost.
The company also posted a consolidated audited net profit of €2.9 million. Total assets grew by 51% year-over-year to €45.6 million, supported by investments in new development projects and the expansion of its commercial real estate portfolio with warehouse properties on Lennuradari Road. The increase in equity reflects strong profitability and a sustainable capital structure. Liquidity also improved significantly, with the current ratio rising from 0.44 to 1.37, indicating a much stronger position to cover short-term liabilities.
“Despite a challenging year, by the end of 2024 we had sold around 80% of two completed residential projects—Kindlusepalse Villas and the first phase of Luige Kodud,” said Janar Muttik, Founder and CEO of Everaus Kinnisvara. “We were also pleased with the strong demand for undeveloped residential plots, which sold well throughout the year. In addition, the Everaus Business House in Peetri, Rae municipality, was fully leased out during the early stages of construction and sales.”
Muttik noted that while the construction market was subdued in 2024, it offered an ideal window to prepare for an expected market recovery in 2025. “We used this time to get ready for the launch of the first phase of Kindluse Kodu, the second phase of Luige Kodud, and the Haabersti mini-warehouse complex. In the first quarter of 2025, we signed general contractor agreements for all three projects, and construction is now underway or about to begin.”
With the end of a 2.5-year economic downturn in late 2024, transaction activity in the real estate market began to pick up. The trend continued into early 2025, supported by falling interest rates and increased consumer confidence that property prices are not expected to decline. “We expect interest rates to continue falling throughout 2025, which will further boost interest in real estate investments—from both private homebuyers and institutional investors,” Muttik said. “We’re seeing early signs of a new growth cycle, and with that in mind, we’re moving ahead with several new developments. Construction is already underway at Luige Kodud Phase II and the Haabersti mini-warehouse complex. Later this year, we’ll begin construction on Kindluse Kodu Phase I and additional warehouse buildings on Lennuradari Road.”
Muttik also confirmed that planning is underway for multiple future developments, including a micro-apartment building in Riga.
“The year has started on a positive note, and all signs suggest that a new real estate growth cycle has begun,” he added. “We don’t expect rapid economic growth in 2025, and the property market will still face headwinds—from consumer uncertainty to tax increases. That said, current developments give us reason to remain cautiously optimistic about the year ahead.”
Everaus Kinnisvara is an ambitious property developer celebrating its 10th anniversary in 2025. The company began with single-family home developments in 2015 and has since expanded its portfolio to include apartment buildings, townhouses, semi-detached homes, office buildings, stock-office spaces, and mini-warehouses. While based in Estonia, Everaus is expanding into Latvia this year. Its current development portfolio includes over 600 residential units and 80,000 m² of commercial space.
The company is also preparing for its first public bond issuance, planned for this spring, to raise capital for financing projects that have entered the construction phase.
