In February 2014, the offer in the newly built prime property market declined by 1.5% to 83.4 thousand square meters, including 52 thousand square meters of apartments and 31.4 thousand of suites (196 apartments and 175 suites). The share of suites in the prime property market stands at 38% of the total offer in volume terms and 47% of the total area offered.
No new offers entered the open market during the month.
At present, property is offered in 24 residential and 9 suite projects, with 76% new prime developments that still offer primary sales already completed and commissioned. Another approximately 18% of projects are at the assembly stage.
Prime suites measure around 180 square meters in average, and apartments, 200 square meters. The bulk of the offer (around 66%) consists of apartments and suites measuring between 100 and 250 square meters.
Khamovniki accounting for half of the total offer in the market still remains the leader in terms of the offer volume. As of late February 2014, the average price for new prime apartments was $23,600 per square meter, and that of suites was $22,400 per square meter. The average figures slightly grew month-on-month (0.5-0.7%) due to changes in the offer breakdown (as the most price-attractive offers were sold).