About Estera Development

Estera Development is a property development company that focuses its operations on residential developments in Rīga and its metropolitan area in Latvia. Between 2016 and 2019, the company successfully built and sold 250 affordable apartments aimed primarily at local young families and other first-time home buyers in Latvia. In 2021 the company will complete its next project of 179 apartments. In addition to this, the company has secured development rights for an additional 1700 affordable apartments, which are planned to be developed over 2022 to 2027.

"We see significant demand in Rīga for affordable properties that are well-designed and targeted toward local residents. We very much emphasise product design, using leading local and international architects, as well as experienced room planning specialists from the hotel sector. We believe that each square metre in our residences should be well planned and functional. We want to use materials and technologies which satisfy modern standards and requirements in terms of quality, durability and environmental friendliness and at the same time can be offered to our clients at reasonable price. This requires very close co-ordination of the work of designers and building experts, as well as detailed 3D modelling. We invest a lot of effort into quality control in our building projects, always making use of quality standards from the best Scandinavian construction practices. It is hard work to ensure that everything operates well, but we genuinely enjoy the process if, at the end of the day, we have a good final result and clients who are satisfied about their new homes.

Our projects are funded with our own equity funds, as well as private co-investors from Estonia and the UK. Most of the financing for the construction projects typically comes from leading Latvian banks."

Ülo Adamson
Managing Partner
Estera Development