Narva real estate market

Narva has a population of 50,000 and is the third most populous city in Estonia. Due to the fact that it is predominantly Russian-speaking, this aspect often plays a large role when Russians decide on a city to buy housing. As you know, political relations between Russia and Estonia are now going through difficult times, and Latvia and Lithuania are also far from ideal in this matter, so the Russian-speaking nature of Narva is a huge advantage that significantly affects the liquidity of local real estate among buyers from CIS countries.

Narva history

If you open the map, you can see the unique location of Narva between the sea and lakes, so this city has played a big role over the years. Ivan the Terrible planned to make it a major commercial and military port of the country in the Baltic, but in 1581 the Swedes took possession of the city. It was with an attempt to return Narva that Peter I began the Northern country, and after several years and many battles, this was done in 1704. Later, the city became a large center of a textile manufacture, and in 1870 the Baltic Railway passed here, which connects it with the Baltic, St. Petersburg and, accordingly, Moscow.

Districts of Narva

The city stretches along the river of the same name for 5 kilometers: in the south-western part of the city there are artificial lakes (former quarries), and the western borders of Narva are surrounded by pine trees. There are 15 districts here: in the north they are Kudrukla, Siivertsi, Sutthof, Phklime (Orekhovaya Gorka), Vanalinn (Old Town), Kaleva, in the center - Soldino, Keres, Joaoru (River Valley), in the south - Krengolm, Paemurru, Elektriyama ( Power plant), Kulgu and Veekulgu. The city is conventionally divided into three main parts, a railway and a highway that lead from St. Petersburg to Tallinn. If the northern and southern parts are approximately equal in area, then the central one is the smallest.

Kudrukla is the largest summer cottage settlement, which is located 7 km from the northern outskirts of Narva and consists of several summer cottage complexes. Siivertsi is adjacent to the northern tip of Narva, and Veekulgu is located on the southern outskirts of the city, adjacent to the Narva reservoir. It, like Kudrukla, consists of several dacha complexes. Sutthof is located in the north of Narva and adjoins the Narova River.

In Soldino, Krenholm and Keres there are both residential and industrial facilities, including the workshops of the legendary Krenholm textile manufactory, which at the beginning of the 20th century produced 10% of all textile products of the Russian Empire, now it is the largest enterprise in Estonia. The rest of the districts - Phklime, Vanalinn, Joaoru and Paemurru - are completely residential. Phklime is located in the northern part of the city. Vanalinn is the historical center of Narva, where the medieval town hall and Hermann's castle are located.

In the city, there are quite often "Khrushchevs", "Stalinkas", as well as nine-storey buildings built in the 80s, but today construction is in full swing here and modern residential complexes are being built. The city government is also actively developing the local infrastructure: for example, in the fall of 2020, a tender was announced for the construction of a sports park for skateboarding, the creation of a pump track (a special bicycle track, which is an alternation of holes, bumps and counter slopes), the construction of outdoor exercise equipment, a playground and improvement of the park around. And the Estonian Ministry of Education and Science has announced an architectural competition, during which an educational complex will be designed on the site of the current Estonian gymnasium. As soon as these and many other projects are completed, the value of Narva real estate will increase.

But the main advantage of Narva is its unique location - only 15-20 km and you can swim in the sea on the beach of the Narva-Jesuu resort, where real estate is also sold, but its cost will be much higher than in Narva itself.

Pandemic and Narva

It is interesting that when the coronavirus pandemic broke out, which negatively affected almost all spheres of life, including real estate, Narva suddenly “fired” - in the most difficult April 2020, 40 objects were sold, which was a very good result for this city. Of the four largest settlements in Estonia, it is the real estate market of Narva that is the most active.

Prices

The average price per square meter during the cornavirus spring of 2020 in Narva exceeded the indicators of a year ago. It was in April 2020 that the sale of the most expensive apartment worth 110,000 euros was recorded in the city, which became a very high price for the local market. One-room apartments with furniture in excellent condition are being sold for 20,000 euros in Narva. And for 30,000 euros you can buy a two-room apartment with high ceilings and two fireplaces. An apartment in "stalinka" with two rooms and a view of the Narva Castle will cost 100,000 euros.

Investors wishing to invest in commercial real estate can find many options in Narva - the cost of purchasing industrial and warehouse buildings here will be from 0.5 to 2.5 million euros.

Thank you for your help in preparing the material:

Sergey Gorlach, Real Estate Sales Manager, Trianon Gruup