What Liven does

Liven AS is an Estonian real estate development company headquartered in Tallinn that develops and sells new-build residential properties — primarily A-energy class apartments and row houses with Scandinavian-inspired architecture and community-focused site planning. The company acquires land, manages construction, and sells units directly to individual buyers through pre-sales and direct sales contracts, with named projects including Iseära (Harkujärve), Luuslangi, Katla Maja, Regati kodud, Olemuse, Virmalise kodud, and Kadakadabra. Since its founding, Liven has delivered more than 900 homes across 15 projects in Estonia.

Liven completed its initial public offering on the Baltic Main List of Nasdaq Tallinn on May 7, 2026, issuing 1,053,936 shares at EUR 4.68 per share for EUR 4.93 million in proceeds. In 2025, the company reported revenue of EUR 49.3 million and net profit of EUR 5.4 million, with 2026 guidance of approximately EUR 59 million (~20% growth) and a target return on equity exceeding 20%. The company operates through wholly-owned subsidiaries, most recently establishing Liven R101 GmbH and Liven P19 GmbH to develop its first international projects in Berlin (Reichstraße 101 in Charlottenburg-Wilmersdorf and Plantagenstraße 19 in Steglitz), funded in part by a EUR 4 million green bond issuance.

The business model is one-time transactional property sales with a sales-led go-to-market approach. Revenue is recognized on contract signing (pre-sales) and property handover, with pricing set on a quote basis (EUR 4.68 per share IPO benchmark; per-site acquisition costs of EUR 1.2–1.7 million and total project investments of EUR 8–11 million). The primary customer segment is individual residential home buyers in Estonia, with an emerging German (Berlin) buyer base. Marketing channels include the company website, email newsletters, salon evenings, and self-guided property visits.

Name

Liven

Legal name

Liven AS

Website

https://iseara.liven.ee

Company type

Public

Founded year

2020

Operating status

Ipo

Headcount range

11–50 employees

Short description

Liven AS is an Estonian real estate developer that designs, builds, and sells new-build A-energy class apartments and row houses to individual home buyers. Headquartered in Tallinn, the company has delivered 900+ homes across 15 Estonian projects and is expanding into Berlin via two new development subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Marketing or Sales, Personnel, Others

Revenue model

1. Residential Property Sales: Liven generates revenue through the development and sale of residential properties including apartments and row houses. The company acquires land, develops properties, and sells completed or pre-sold units to end customers. Revenue is one-time per transaction with pre-sales generating contracted revenue ahead of completion.
2. Real Estate Development Services: The company provides complete real estate development services including property acquisition, construction management, and property handover to buyers.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Liven AS is a real estate developer that develops and sells new-build residential properties, primarily A-energy-class apartments and row houses, in Estonia and Berlin, Germany. The company manages the full lifecycle from land acquisition and design through construction, sales (including pre-sales), handover, and warranty, with named projects including Iseära, Luuslangi, Katla Maja, Regati kodud, Olemuse, Virmalise kodud, Kadakadabra, Plantagenstraße 19, and Reichstraße 101.

Product overview

Liven is a real estate development company headquartered in Estonia that develops residential properties across multiple projects in Estonia and has recently expanded into the German market (Berlin). The company's product portfolio consists primarily of residential developments including row houses (ridakodud) and apartment buildings (korterid). Key named projects include Iseära (Harkujärve), Luuslangi (Haabersti), Katla Maja, Regati kodud (Pirita), Olemuse (Nõmme), Virmalise kodud (Kesklinn), and Kadakadabra (Astangu). In Germany, Liven operates developments including Wohngarten (pilot project), Plantagenstraße 19 in Steglitz, and Reichstraße 101 in Charlottenburg-Wilmersdorf. The company recently completed an IPO on Nasdaq Tallinn Baltic Main List and offers properties at various stages from presale to completion.

Differentiator

Problem solved

Functional benefit

Products and services

• Iseära (Harkujärve) A new community-oriented residential development near Harku lake in Harkujärve, Estonia, comprising Scandinavian-inspired row houses (ridakodud) and apartment buildings with A-energy-class rating, playful landscape architecture, and a balanced transition from private terraces to shared car-free park spaces. Targeted at individual home buyers seeking new-build, energy-efficient, community-focused living.
• Luuslangi (Haabersti) A Liven residential development in Haabersti, Estonia, featuring row houses and apartments designed for calm, nature-oriented community living.
• Katla Maja A Liven residential development with A-energy-class apartments, designed around natural light flow with high ceilings and floor-to-ceiling windows. Includes bespoke interior design by interior architect Maarja Valk-Falk for selected units.
• Regati kodud (Pirita) A Liven residential development in the Pirita district of Estonia, offering new-build homes as part of Liven's portfolio of community-focused projects.
• Olemuse (Nõmme) A Liven residential development in the Nõmme district of Tallinn, Estonia, part of the company's portfolio of new-build A-energy-class homes.
• Virmalise kodud (Kesklinn) A Liven residential development in central Tallinn (Kesklinn), Estonia, offering new-build apartments as part of the company's portfolio.
• Kadakadabra (Astangu) A Liven residential development in the Astangu district of Estonia, part of the company's portfolio of new-build residential projects.
• Plantagenstraße 19 (Steglitz, Berlin) A Liven residential development in Berlin's Steglitz district, acquired in May 2026 via wholly-owned subsidiary Liven P19 GmbH for EUR 1.7 million, with total project investment exceeding EUR 11 million. Plans replace a vacant building with a five-storey residential building and a three-storey courtyard building, creating more than 20 new homes with a planned sellable area exceeding 1,600 m².
• Reichstraße 101 (Charlottenburg-Wilmersdorf, Berlin) A Liven residential development in Berlin's Charlottenburg-Wilmersdorf (Westend) district, acquired in June 2026 via wholly-owned subsidiary Liven R101 GmbH for EUR 1.2 million, with total project investment approximately EUR 8 million. Plans include a six-storey residential building with approximately 20 homes and a sellable area of 1,250 m², scheduled for construction starting summer 2027 and completion in Q1 2029.

Quantifiable outcome

• 20% revenue growth in 2026 to approximately EUR 59 million
• +2 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators13 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Nordecon: Estonian construction and real estate group listed on Nasdaq Tallinn, active in residential and commercial construction across Estonia and other markets. Comparable as an Estonian construction peer with overlapping capability in residential development.
• Pro Kapital Grupp: Baltic-focused real estate developer listed on Nasdaq Tallinn, developing premium residential and mixed-use properties in Estonia, Latvia, and Lithuania. Comparable to Liven as a publicly listed Baltic-region residential developer with similar project-based revenue model.

Direct peers

• Merko Ehitus: Estonian-headquartered construction and residential real estate developer listed on Nasdaq Tallinn, operating across the Baltics. Directly comparable to Liven as a regional residential developer with similar customer base (Estonian home buyers) and project-by-project development model.
• Hepsor: Estonian residential real estate developer listed on Nasdaq Tallinn, focused on new-build apartment developments in Tallinn and surrounding areas. Closest direct competitor to Liven in the Estonian residential market with overlapping customer segments and similar A-energy class positioning.
• JM: Sweden's largest residential developer, listed on Nasdaq Stockholm, focused on new-build homes in the Nordics. Comparable to Liven in business model (acquire land, develop, sell), customer focus (home buyers), and premium sustainability positioning, but at significantly larger scale.
• Arco Vara: Estonian real estate developer listed on Nasdaq Tallinn, developing residential properties in Estonia, Bulgaria, and other markets. Comparable to Liven as a small-cap Baltic-listed residential developer with international expansion ambitions.
• Bonava: Swedish-listed residential homebuilder developing sustainable neighborhood communities across Germany, the Nordics, and the Baltics. Directly comparable as a publicly listed European residential developer with sustainability focus and multi-country operations similar to Liven's Estonia-Germany expansion strategy.

Broad incumbents

• YIT: Finnish-listed construction and real estate developer operating across the Nordics, Baltics, and Central Europe including Germany. Comparable as a larger incumbent residential developer with established German operations that Liven will compete against in Berlin.
• NCC: Swedish-listed construction and real estate company developing residential properties primarily in the Nordics. Comparable as a larger Nordic incumbent with broader geographic footprint and deeper capital base than Liven.
• Peab: Swedish-listed construction and civil engineering company with residential development operations across the Nordics. Comparable to Liven as a larger Nordic construction and residential development incumbent with multi-country operations.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat3 records

Key risks4 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/liven-kinnisvara

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 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