Developer Emeco Nepremičnine will start building a new residential estate in Kranj next year. Featuring a total of 400 flats, it will be the first major housing project in Slovenia's third largest city since 2008.

Spanning 30,000 square metres on a brownfield site in the south-east of Kranj, the project is valued at EUR 44 million.

The investor, which is connected to Iskraemeco, the Egyptian-owned local maker of advanced electricity metering solutions, hopes to have the project completed by 2025.

Speaking to reporters on 1 December, it said the plan was to build 263 apartments in the first phase, and another 133 in the second phase for a total of ten blocks of flats.

The Kranjska Iskrica estate will feature residential and commercial areas and will include 60 rental assisted-living units, to be managed by the real estate arm of the state-owned pension fund ZPIZ.

It will feature a 520 underground car parking spaces plus an additional 100 parking spaces outdoors that will be publicly accessible.

City officials promised that by 2026 Kranj would get at least 1,000 new housing units, which should meet the demand for an estimated 1,000 to 1,500 units.

With more construction on the horizon, Mayor Matjaž Rakovec said the city would follow the trends and invest in the needed complementary infrastructure.