New-build apartments in Tallinn cost two to three times less per square metre than comparable properties in Berlin or Vienna. Same currency, same EU single market, comparable legal protections.
Some of that discount is justified as Baltic markets are smaller. What’s harder to justify is the scale of the gap. Baltic households carry significantly less mortgage debt than their Western European peers — the kind of leverage that has historically destabilised other markets is simply not present here. And in the first quarter of 2026, all three Baltic economies grew at several times the EU average.
For a real estate investor, that combination is worth paying attention to. Solid fundamentals, contained leverage, and a pricing gap that warrants a closer look.
Daniil Aal, CEO of Estateguru
Real estate backed loan origination
- Estonia: €3.21M
- Latvia: €1.99M
- Lithuania: €1.06M
In May, €6.26M in new loans were funded across the Baltics. This marks the third consecutive month of strong origination, with volumes holding at around €6 million.
New loans issued over the past six months:
Repayments and recoveries
A total of €8.54M was paid out to investors. Of this, €6.99M represented scheduled principal repayments, €0.99M was recovered from non-performing loans, and €0.56M was distributed to investors as returns.
Repayments and investor earnings over the past six months (EUR million):
Loan portfolio summary of recent years
In 2023–2025, Estateguru issued loans totalling €246.5M. By the end of May, €198M (80.3%) had been repaid to investors, and €40.1M (16.3%) is being repaid according to schedule. Only €8.3M (3.3%) from that period has been classified as non-performing, and we are actively working on its recovery.
In 2026, we have issued €24.8M in loans. Of this, €1M has already been repaid and €23.6M is performing on schedule.
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