YIT Ehitus ends “still life” in real estate development

After a long low of the real estate market and having frozen all development projects, AS YIT Ehitus has started the construction of a new apartment building on Papiniidu street, in Pärnu. According to plan, the building will be finished by the end of year 2010. 

“We have previously built three apartment houses in the area, which is why there is already an existing and working living environment waiting for the new residents,” said Toomas Rapp, Management Board Member of YIT Ehitus, about the construction at Papiniidu 62.

Papiniidu street building complex is located in an attractive and valued region. The sea is only 600 meters from the building; there is a school, kindergarten, cinema, swimming pool, and shopping centre near-by. Also there is good bus connection to the city centre and beach region. The area is well suited for a person with an active lifestyle, since there are good conditions for recreational activities. The main sales points of the building are its location, relatively low number of apartments, and infrastructure. When designing the house, YIT Ehitus’ wished to create a living environment that forms a comfortable and united ensemble with the three already existing houses.

Rapp says the 38-apartment building is a sizable development project considering the current marketing situation, although it is considerably smaller than the new apartment buildings constructed a few years ago, which would, in some cases, have almost twice as much living space. Argo Karuse, West-Estonia Real Estate Manager, added: “We believe the market is stabilizing and getting ready for new development projects. That is displayed by clients’ increased interest in purchasing.”