New de luxe property market. Moscow. April 2014

By late April 2014, the offer in the newly built premium property market was 300 thousand square meters, including 196.8 thousand square meters of apartments and 103.5 thousand of suites (around 1,390 apartments and 700 suites). The total offer declined by 2.5% month-on-month. No new offers were launched in the newly built premium property market during the month.

The share of suites in the total offer did not change much and accounts for 34%.

With its 66% of the total offer, the Central Administrative District is still leading the market in terms of offer. Outside the Central Administrative District, new premium developments are offered in such districts as Donskoy (Southern Administrative District), Ramenki (Western Administrative District) and Shchukino (Northwestern Administrative District). Khamovniki (26% of total offer) and Presnensky (28%) Districts still hold the lead in terms of offer volumes. Khamovniki’s offer is only represented by premium residential developments, including the largest ones in this segment: Sadoviye Kvartaly, Barrin House, etc. All new developments offered by the Presnensky District are suite developments.

As of late April 2014, primary sales are run in 18 residential and 11 suite developments, with 48% of newly built property already completed and commissioned, including Barkli Park that still offers two penthouses, but has sold out all other apartments. Around 30% projects are at the assembly stage, including Barkli Residence.

In April 2014, the average offer price of residential property in the Central Administrative District came at $14,250 per square meter (+0.6% month-on-month), and that of suite property of the Central Administrative District was $13,700 per square meter (-1% month-on-month). The average offer price of apartments in newly built premium property outside the Central Administrative District was $12,400 per square meter (-0.8% month-on-month).

Thus, in April 2014, the changes in average figures proved to be marginal and did not exceed 1%.

Arbat ($21,350 per square meter), Tagansky ($15,500 per square meter) and Ramenki ($14,450 per square meter) are still leading the market in terms of prices.

The situation in the de luxe and premium property market can be viewed as stable.

After a marginal slowdown in March caused by external factors, demand for premium and de luxe residential property stabilized. There were no material changes in the average offer price, while prices keep steadily growing for projects under construction.

No significant changes are likely in the price performance. The average figures will be affected by changes in the offer breakdown.

Prices for apartments in projects that currently under construction will grow faster. In particular, a planned price increase is expected for Barkli Residence that has completed below-grade in situ concrete works and started assembling the first (ground) floor.

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