News

16/08/13

New premium property market. Moscow. July 2013

By the end of July, the offer in the newly built premium property market * grew 4% to 2,290 apartments and suites measuring 328.6 thousand square meters overall, with suites accounting for 30% of the total amount of sales in the newly built premium property segment.

In July, the market also saw a new offer: the launch of sales in Barkli Residence, a new residential development. The architectural design of the project was developed by Robert A. M. Stern Architects, an internationally renowned firm led by Robert Stern. The property comprises 151 apartments and three penthouses measuring from 43 to 314 square meters. All apartments are offered fully finished. No other developments entered the market during the month.

The total offer includes 21 residential, 9 suite projects and 1 project that comprises both apartments and suites (Wine House).

Premium residential developments are located not only in Moscow downtown, but also outside the center, in districts offering comfortable living conditions, such as Donskoy, Ramenki and Shchukino. The Ramenki, Khamovniki and Shchukino Districts are leading in terms of the amount of offer. They account for around 77% of all apartments offered in the market.

So far, premium suite properties are only offered by the Central Administrative District, with the Presnensky District leading in terms of the amount of offer and accounting for 76% of total premium suites in the market.

By late July 2013, the average offer price in the newly built property segment was $15,300 per square meter in the residential segment of the Central Administrative District while suites in the Central Administrative District are 10% cheaper in average – $13,870 per square meter. The average offer price of apartments in newly built premium property outside the Central Administrative District is $11,700 per square meter.

In general, prices of most projects did not change much. The average cost per square meter in apartments and suites was primarily affected by the changes in the offer breakdown and summer promotional campaigns by developers, in particular, the deduction of the parking place cost from the cost of apartments, which previously was included in the total price. Moreover, a number of projects offer a discount on an apartment or a suite until the end of summer (3-5%).

- The premium segment is an intermediate class between the de luxe and business segments. The segment implies strict requirements to the comfort of living. Premium projects feature advanced engineering systems, a gated and guarded territory with amenities, high quality finishes of public areas, and extra services (e. g. room service). The premium segment matches de luxe on these parameters. But premium projects may be located outside the Garden Ring, including in the most comfortable non-central districts of the city. They also may have more apartments with more compact measurements than in the de luxe segment.

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