What Liven AS does

Liven AS is an Estonian residential real estate developer founded in 2014 that designs, builds, and sells personalized homes primarily in Tallinn, Estonia, with a recent international expansion into Berlin, Germany via the Wohngarten project. As of 2025 the company employed an average of 36 people, generated €49.3 million in revenue and €5.4 million in net profit, and maintained a 27.3% equity ratio with 28.1% ROE — versus €27.3M revenue in 2024, implying roughly 80% year-over-year growth. Liven operates a portfolio of approximately 11 active projects totaling 1,566 sellable units (123,000 m²) under branded developments including Luuslangi, Iseära, Regati, Virmalise, Peakorter, Olemuse, and Kadakadabra, with sustainability targeting LEED Gold / BREEAM Very Good / A-class energy efficiency (including geothermal heating at Iseära).

The company's technology stack centers on the Kodukujundaja (Home Designer) web application, which allows prospective buyers to configure parquet patterns, wall colors, wallpaper, bathroom tiles, faucet finishes, kitchen cabinet colors, and countertop materials with real-time pricing — selections are then digitally transmitted to construction teams. Customers can additionally experience virtual reality walkthroughs at Liven's Telliskivi 60/5 showroom in Tallinn, and the company runs recurring Salon Evening events with industry experts to drive engagement. The development model emphasizes co-design with in-house interior architects and offers multiple layout alternatives per unit (e.g., sauna vs. utility room, bath vs. shower).

Revenue is generated through one-time sales of residential properties at three stages: pre-construction (with full customization), during construction (interior selection period), and completed (ready-to-occupy), with pricing ranging from approximately €173,000 for small Regati apartments to €1,700,000 for large properties. Sales occur directly through the company's physical showroom and website, with bank financing partnerships (LHV, Swedbank, Luminor, SEB). Liven funds development through a mix of bank debt, customer deposits (15% for pre/during-construction sales), and green bond issuances (Series I €6.2M in May 2024 at 10.5% coupon; Series II €4M in March 2025 at 9.0% coupon), both listed on Nasdaq Tallinn. The company completed its IPO with shares admitted to the Nasdaq Tallinn main list in 2026 (ticker: LVN), and its Green Financing Framework received second-party opinion validation from S&P Global Ratings.

Name

Liven AS

Legal name

Liven AS

Website

https://liven.ee

Company type

Public

Founded year

2014

Operating status

Ipo

Headcount range

11–50 employees

Short description

Liven AS is an Estonian residential real estate developer that designs and sells personalized, energy-efficient homes across Tallinn neighborhoods and in Berlin, Germany. Founded in 2014, the company uses its Kodukujundaja customization app and VR visualization tools to serve individual buyers and families.

Ownership category

akta.pro rank

Headquarters

HQ city

Kalamaja, Harju maakond

HQ country

Estonia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Residential Property Sales: Liven generates revenue through the sale of residential properties including apartments and townhouses. The company sells homes at various stages: pre-construction (with customization options), during construction (with interior selection period), and completed. Revenue recognition occurs upon signing property rights contracts (asjaõigusleping).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Liven AS is a residential real estate developer that designs, builds, and sells personalized apartments and row houses across multiple development projects in Tallinn, Estonia, and Berlin, Germany. Buyers can customize floor plans, finishes, and materials through the proprietary Kodukujundaja web application with real-time pricing before and during construction, supported by in-house interior architects. The company focuses on A-energy class homes pursuing LEED and BREEAM sustainability certifications, with a development portfolio of approximately 123,000 m² and 1,566 sellable units.

Product overview

Liven AS operates as a residential real estate developer offering personalized homes across multiple projects in Tallinn, Estonia, and internationally (Germany). The core product portfolio consists of row houses and apartments under sub-brands including Luuslangi (Haabersti), Iseära (Harkujärve with A-class energy efficiency and geothermal heating), Regati (Pirita seafront), Virmalise (city center), Peakorter (Põhja-Tallinn), Olemuse (Nõmme forest edge), Kadakadabra (Astangu), and international Wohngarten Berlin. The flagship technology product is Kodukujundaja (Home Designer App), a virtual customization tool allowing buyers to modify floor plans, finishes, and materials with real-time pricing. Supporting services include interior architecture consultation, technical systems packages (EV charging, cooling), VR home visualization, and fixed furniture offerings (kitchens, wardrobes, bathroom furniture). Liven differentiates through co-designed homes with homeowners, thoughtful floor plans, and comprehensive interior finishing options. The company was founded in 2014 and has created over 900 homes with approximately 1,400 homes in various development stages.

Differentiator

Problem solved

Functional benefit

Products and services

• Luuslangi Row houses development in the Haabersti district of Tallinn. Phase II construction is underway with first homes completing in 2025, marketed to buyers seeking residential homes in this Tallinn neighborhood.
• Iseära A-class energy efficiency row houses and apartment buildings near Harku lake in Harkujärve, Tallinn, featuring geothermal heating. Targeted at family buyers, with testimonials emphasizing safe outdoor play for children. Phase II row houses construction began July 2025.
• Regati Spacious seafront homes in Pirita, Tallinn, with first phase homes ready for occupancy. Apartment pricing ranges from €173,000 to €1,700,000. Targeted at buyers seeking premium seafront residences.
• Virmalise A-class energy efficiency homes in Uus Maailm (Tallinn city center), combining central city tranquility with greenery. Construction began October 2025.
• Peakorter Distinctive homes in Põhja-Tallinn featuring creative and modern architecture. Construction began September 2025, with apartment pricing ranging from €229,000 to €1,500,000.
• Olemuse Small houses in Nõmme at the forest's edge, with first homes completing in 2026. Targeted at buyers seeking forest-adjacent living within Tallinn.
• Kadakadabra Residential development in the Astangu area of Tallinn, marketed as offering a magical living environment. Currently in pre-launch/pre-construction phase with renderings released in 2026.
• Wohngarten Berlin International residential development project in Berlin, Germany, representing Liven's first expansion outside Estonia. Presales began in 2024, targeted at the German residential market with KfW 40 energy efficiency standards.

Quantifiable outcome

• 9.6/10 customer feedback rating (2025)
• +3 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Tõnis Vellama (SEOS Light)minorOthers · 30 October 2025Founder of SEOS Light and recognized lighting designer with over 28 years of experience, sharing expertise on light and illumination at Liven Salon Evening.
• Paavo Sedrik (Grohe)minorOthers · 7 May 2025Guest speaker at Liven Salon Evening on saunas and bathroom zones, providing expertise on bathroom fixtures and fittings.
• Alina Nõmme (Interstudio)minorOthers · 7 May 2025Guest speaker at Liven Salon Evening on saunas and bathroom zones, contributing to interior design expertise.
• Francesco Bravini (Flaminia, Italy)minorOthers · 7 May 2025Italian representative from Flaminia who presented latest trends in ceramics at Liven Salon Evening.
• Financial Supervision Authority (Estonia)coreOthers · 4 March 2025Regulatory authority that approved the bond program prospectus on May 6, 2024, allowing Liven to issue up to €30 million in bonds over three years.
• Erki (PK Salong)minorOthers · 25 February 2025Presented parquet options and practical recommendations for flooring decisions at Liven Salon Evening on interior finishing.
• Nasdaq TallinncoreStrategic or Co-development Partner · 6 May 2024Liven's green bonds (Series I and II) are listed on the Nasdaq Tallinn Baltic Bond List. Series I (ISIN EE3300004332) listed May 24, 2024; Series II (ISIN EE0000000354) listed March 20, 2025.
• S&P Global RatingscoreStrategic or Co-development Partner · 6 May 2024Provided independent second-party opinion on Liven's Green Financing Framework, validating compliance with ICMA Green Bond Principles and LMA Green Loan Principles.
• Banks (LHV, Swedbank, Luminor, SEB)coreChannel Partner/ Reseller/ DistributorBanking partners enabling property purchases through housing loans. Liven provides commercial offers for bank financing on their website. Bonds available for subscription through these banks' internet banking platforms.
• LEED Certification BodiescoreStrategic or Co-development PartnerLiven pursues LEED and BREEAM sustainability certifications for projects, requiring compliance with international environmental standards for design, construction, and operation.
• BREEAM Certification BodiescoreStrategic or Co-development PartnerLiven pursues BREEAM sustainability certifications alongside LEED, requiring independent assessment of environmental performance.

Scale indicators20 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Merko Ehitus AS: Largest Estonian construction and real estate group, listed on Nasdaq Tallinn. Develops apartments, commercial real estate, and infrastructure across the Baltics; competes with Liven for buyers and subcontractors despite broader scope.
• Bonava AB: Stockholm-listed Nordic residential developer active in Germany, the Nordics, and Baltics. Comparable design-led, sustainability-focused mid-rise residential model; relevant benchmark for Liven's Berlin expansion.
• YIT Oyj: Finnish-listed developer and construction company with residential and commercial projects across the Nordics and Baltics, including Estonia. Comparable product type and sustainability positioning.

Regional players

• Instone Real Estate Group: German-listed residential developer focused on urban infill and BREEAM/DGNB-certified projects. Most direct benchmark for Liven's Berlin Wohngarten project and broader German entry strategy.
• Mapri OÜ: Estonian developer active in Tallinn residential projects with comparable mid-rise apartment focus; useful benchmark for project-level pricing and absorption in overlapping submarkets.
• Eften Capital AS: Baltic-focused real estate private equity firm and asset manager with residential and commercial exposure in Estonia, Latvia, and Lithuania. Comparable geographic footprint and capital-markets orientation.

Direct peers

• Pro Kapital Grupp AS: Baltic real estate developer with premium residential projects in Tallinn, Riga, and Vilnius. Competes head-to-head with Liven for premium buyer demand and design-led positioning in Tallinn.
• Endover Vahendus OÜ: Estonian residential and commercial developer active in Tallinn with similar mid-to-upper-market apartment projects. Closely comparable product offering and customer profile to Liven.
• Kawe AS: Estonian residential developer with apartments and commercial real estate in Tallinn. Competes in similar mid-market Tallinn neighborhoods and shares comparable product mix.
• Hepsor AS: Estonian-listed residential real estate developer focused on new-build apartments and commercial real estate in Tallinn and Riga. Direct competitor for buyers, land, and development talent in Liven's core Tallinn submarkets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/liven-kinnisvara

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Liven AS