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Future Rail Baltica already affecting Pärnu real estate market

Future site of Rail Baltica in Pärnu.
Future site of Rail Baltica in Pärnu. Source: ERR

The Rail Baltica (called Rail Baltic in Estonia) railroad has already started to impact the real estate market in Pärnu. Entrepreneurs are preparing to construct a hotel next to the travel terminal, and real estate prices in Pärnu are increasing.

The Rail Baltica Pärnu travel terminal is being constructed approximately four kilometers away from the center of Pärnu, between the Via Baltica highway and the Pärnu River. The necessary initial steps for the construction of the terminal have been completed.

"This year, we will continue with the construction of access roads, namely laying the foundation for Liivi tee and a pedestrian tunnel. We plan to start with the terminal itself and the associated outdoor areas next year," stated Anvar Salomets, the chairman of the board of Rail Baltic Estonia.

Near the Rail Baltica Pärnu travel terminal, a developer is considering the construction of a four-story hotel with 70 parking spaces, which would include not only guest rooms but also a restaurant, a grocery store and a mini-spa.

According to Danel Poudel, the development manager of OÜ PKI, which has received permission from the city of Pärnu to build the hotel, the plan to construct the hotel is strongly linked to the Rail Baltica terminal, and it would serve both business clients and vacationers in the resort city.

Poudel mentioned that while obtaining the construction permit is an important milestone for the company, he cannot currently specify when construction might commence. In his written response, he added that as soon as there is certainty that the project is sustainable, activities will continue.

The city of Pärnu indeed envisions the area around the travel terminal primarily as a business district.

"The first swallow is here; the first entrepreneur took courage and started constructing a hotel. The plan envisages that there are also business buildings intended near the railway station, whether hotels or other facilities, depending on the operator. In the longer perspective, we see that there could also be a guest marina, making it possible to arrive from the city center via the river," said Kaido Koppel, the head of Pärnu's planning department.

According to LVM Real Estate, the impact of the travel terminal being built in Pärnu is also felt on the Pärnu real estate market.

"It is quite certain that today, even before the project is completed in one way or another, it has already had a positive effect on prices. Practices from different countries or unions have shown a positive impact on the real estate market," stated Ingmar Saksing, a board member of LVM Real Estate.

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Editor: Marcus Turovski

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