Several prominent real estate developers reported a decline in financial performance over the last year, as market conditions impacted turnover and profitability across the sector.
Merko Ehitus reported a turnover of €310.94 million last year, down from over €539 million in 2024. The company's net profit also saw a reduction, falling to €39.92 million from €65.59 million the previous year. Merko Ehitus CEO Ivo Volkov described the period as a 'rather confusing' year that affected the company's workload.
Merko Ehitus net profit last year
Mixed results in the Baltic residential market
Other developers reported varied outcomes. Bonava Estonia saw its turnover fall by 20% to €16 million last year, down from nearly €20 million in 2024. Arco Vara ended the year with a loss of €479,000, which CEO Kristina Mustonen attributed to lower than expected sales volume in the fourth quarter due to a limited number of vacant units.
In contrast, Liven reported growing turnover to €49.3 million last year and signed over 230 new sales contracts, a result the company described as its highest in history. Endover reported a consolidated turnover of approximately €14.329 million.
The brokerage firm Domus Kinnisvara stated that the residential real estate market is currently in a recovery phase, though the recovery is slow.