A stylish and inspiring real estate boutique Luxum was opened at the heart of Tallinn, in Maakri district. The boutique offers fascinating and luxurious homes and personal service to clients.
Even though the summer is hot, it has not cooled interest in real estate, and the days of the agents are busy. We managed to catch Lii Salusaar, the project manager of Luxum, to ask what is happening at the new office.
For the start – what exactly is Luxum? Is this a new company in the group of Uus Maa?
Luxum is a brand of Uus Maa Real Estate Bureau specializing in unique and luxurious real estate. Our ambition is to be the preferred partner in this particular area, starting from Estonia.
Our great advantage is that we have developed from Uus Maa – the largest real estate agency in Estonia that has been on the market for nearly 30 years. Thus, we have an extensive client base of both buyers and sellers, we know the real estate market in Estonia and we have decades of experience.
In our work we start with the unique nature of each special home and the wishes of our clients – we create a tailor-made marketing and sales strategy for every home we sell. Purchase and sale of real estate involves very many different important topics – from legally correct documents and taxation to very prosaic topics like preparation of homes for sale (cleaning of windows, major cleaning or light repairs), which are no less important.
Luxum offers their clients a possibility to make the purchase or sales process as convenient as possible, making sure that no important detail is missed.
So Luxum is just like private banking?
This would be appropriate comparison, indeed. Our goal is to offer our clients the best possible real estate service while ensuring privacy and a personal approach.
As we provide service to both buying and selling clients, their wishes are very different and always require a very individual approach. A sales-purchase transaction of one object including preparation is just one of possible transactions.
Several simultaneous transactions are also not infrequent – for instance, one object is sold, another bought and perhaps also a gift transaction, the number of parties is not just two but seven, and one of the objects is in common ownership as a part of the estate. In such cases it is very important that no detail is missed.
We also help buying clients who want to invest into real estate and are looking for real estate with the purpose of rental yield. In such an event we help the client find suitable options, then we find tenants for the same property and ensure that the property is in the best possible condition both before and after rental.
In short, we take care of everything related to a client’s property, so that they can focus on their core business or just sit back and relax.
Was it the right decision to start Luxum in the current complicated and still completely unpredictable situation?
The idea had been cooking already for some years, so the decision was not rushed or impulsive. It is interesting to note that the segment of luxury goods has moved entirely in the opposite direction to what we might think. Thus we have also noticed that the interest in luxury real estate is now bigger than ever before – and we can safely say that our entry into the market was a very good decision.
Whom do you see as clients of Luxum?
A client of Luxum knows very well what they want, they are demanding and value their time. It is important for a client of Luxum to be able to focus on their core business, they also highly appreciate their free time and the time spent with their family and friends. They have delegated all the other side activities to professionals of relevant fields.
What does Luxum do differently?
I believe the key words are dedication, a wish to find the best possible solution for our clients, be a reliable, professional and long-term partner who knows the real estate market and any related topics. It is never too much to us to take a few extra steps for our client – this is our standard.
What exactly is luxury real estate? Could an apartment that is worth 100,000 euros be also luxurious?
Luxury real estate is real estate characterised by architectural value, first-class building quality, also definitely location and uniqueness. Naturally, that is often reflected in the price, and if the components are there in one real estate object, such an object may be called luxury real estate. It is not just the price that matters.
But who then buys luxury property here? Where do those people come from?
The majority of the clients are still Estonians or people who have a connection with Estonia – either family or work connections. There are of course also clients from neighbouring countries, most of all Finland and Russia, who are looking for investment opportunities.
People often assume that luxury real estate is mainly bought by foreigners but in fact this is not the case. I could say that 80% of the clients are Estonians and 20% foreigners.
Is luxury real estate a niche product in Estonia or a gradually growing market?
All the segment of luxury property has always been and will be a niche – the very reason why luxury property is so appealing is scarcity. It can definitely be said that the luxury real estate market in Estonia is growing – as both the volume of high-quality real estate and the number of clients who want to buy (and can afford to buy) such real estate are increasing in the market.
Finally – is it possible that Estonia could compete with, for instance, Spain or Switzerland with its luxury real estate? Where will the future take us?
I am not sure we need to compete. A person who buys luxury real estate in Estonia is usually someone who has a connection with Estonia. But if you want to compete, we certainly have real estate you cannot find anywhere else – for example very well renovated old farm ensembles in our islands, very private houses in the middle of the clean nature of Estonia that are well out of site of strangers, or unique apartments and penthouses in the Old Town. The list could go on.