Baltic investors are becoming increasingly active in the Polish real estate market, reflecting a search for larger and more liquid investment environments than those available in their home markets. At the same time, pricing expectations, liquidity conditions and asset management opportunities in Estonia, Latvia and Lithuania continue to shape how investors approach expansion and portfolio allocation across the region. Property Forum reports from the Nordic Real Estate Forum 2026, organised in Tallinn.
Patience and operational performance define the next Baltic investment cycle
The first panel of the day featured key investors active in the Baltic states and focused on investment strategies in a volatile world.
Kristjan Tamla, Managing Director of EfTEN Capital, stressed that any talk of rising prices in the Baltics must be grounded in a realistic assessment of liquidity. “If you take the view that prices are about to bottom out or even start to rise, then you are simultaneously taking the view that liquidity will improve,” he argued. “Without a meaningful improvement in liquidity, especially for larger transactions, I do not see how prices can sustainably move up, because today the liquidity premium is exactly what the market is pricing in.” Tamla also underscored how wrong the conventional wisdom on retail has proven to be. “It was widely believed that e-commerce would permanently cripple shopping centres, but that has turned out to be a misconception,” he said. “Modern retail centres are increasingly service and experience hubs, and in places like Lithuania we see strong operating performance and very solid prospects for cash‑flow growth.”
