Landex Q3-2024 Update

Quarterly update to our users and investors

Market situation

The current market situation has been and is still tough. Investors are not actively investing, especially in the land industry. We’ve seen a rise in land prices, as predicted in our models for the past few years. But in 2024, there have been fewer transactions and less money in the Estonian land market. 

We are not expecting the Estonian investor market or land market to recover too much next year. This might be great news for a long-term investor, who’s looking to get Estonian land cheaper and hold it as long as possible. 

Overall, one of the biggest challenges we see is that you have to spend a significant amount of money on marketing to attract any kind of client which makes it financially difficult for smaller boutiques like ours. 

Company’s situation

As said publicly several times - we are looking for different options for the way forward. 

We are not seeing new users on the platform. That has affected new listings and the secondary market. Also, a drop in the revenues of the business and we had to cut costs and full time employees.

We see our technology as an asset and there are strategic companies on the market who would benefit from it. In any case of an exit event, users will be let know and the platform will keep operating. 

For now, we have been operating the business without any full-time employees for some time and have kept it up and running with the founders. Will keep doing so as long as needed.

Land exits and offering liquidity to investors

We are looking to start selling some or all of our land plots. Our users currently own 20+ plots in total across Estonia and the whole portfolio has been evaluated by several specialists. Although this is not an ideal time to sell given the geopolitical situation and a deep overall recession in Estonia in all parts of the economy, including property market, forestry and agriculture. This is an ongoing process and can take some time, and we are currently in talks with the main land auction platforms such as Timber and Tehingukeskus to get their indicative pricing.

The liquidation helps to get every investor on the platform its assets back. 

We are happy to answer your questions. The email is the same as always info@landex.ai

Best regards

Founders of Landex