By late April 2014, the offer in the newly built prime property market stood at 86.2 thousand square meters, including 46.8 thousand square meters of apartments and 39.4 thousand of suites (around 188 apartments and 239 suites). The total offer grew 10% month-on-month.
The offer growth is driven by the launch of new projects in the market:
- Teatralny dom, Povarskaya 8/1/1. This is a 129-suite property located in the Arbat District, with suites measuring from 61 to 260 square meters. Its construction and renovation are slated to be completed in 2017.
- Ostozhenka 12, a club house for 16 apartments measuring from 33 to 130 square meters.
- MFK Negotsiant , Bolshaya Yakimanka 2/4, 6. The property will include suites, a shopping mall, restaurants, and a fitness club.
The share of suites in the prime residential property market grew month-on-month driven by the launch of new projects, accounting currently to 56% of the total offer in volume terms and 45% of the total area offered.
With its 45% of the offer, Khamovniki still holds the lead in the newly built prime property segment. In April 2014, new offer considerably drove up the share of Arbat from 17% to 26%.
As of late April 2014, primary sales were run in 22 residential and 11 suite developments, with 64% new prime projects already completed and commissioned and another 18% at the finishing stage.
By late April 2014, the average price for newly built prime property stood at $25,300 per square meter for apartments and $23,950 per square meter for suites.
The average figures grew 4-5% month-on-month pushed by several drivers: changes in the offer breakdown (the sale of the most price-attractive offers, and launch of new projects in the market), and a hike in prices for individual projects currently under construction. In most projects, however, prices remained flat month-on-month.
Leaders in terms of prices include the Presnensky District (due to the projects in the area of the Patriarshiye Ponds, $31,600 per square meter), followed by Yakimanka ($28,500 per square meter) and Khamovniki ($26,000 per square meter).