News

15/08/14

New de luxe property market. Moscow. July 2014

In July 2014, the offer in the newly built prime property market was down 2% month-on-month to 112 thousand square meters, including 74 thousand square meters of apartments and 38 thousand square meters of suites (around 420 apartments and 238 suites).

No new projects were launched in the open market during the month.

As of late July 2014, primary sales are run in 22 residential and 11 suite developments of prime quality.

The share of suites in the total offer in the prime property market coming at 34%.

The Khamovniki, Yakimanka, Arbat and Tagansky Districts are leading the newly built prime property market in terms of the offer. They account for more than 90% of the offer in the market.

In summer 2014, suites outpaced prime apartments in terms of average cost per square meter as large prime developments at early construction stages entered the market, while the suite market mainly offers club projects, many of which are offered with finishes by topline designers.

By late July 2014, the average price for apartments in the newly built prime property market was RUB 770 thousand per square meter and that of suites was 840 thousand rubles per square meter. The average figures grew 3% month-on-month.

Leaders in terms of prices include the Presnensky District (due to the projects in the area of the Patriarshiye Ponds, RUB 1,030 thousand per square meter), followed by Khamovniki (RUB 870 thousand per square meter) and Yakimanka (RUB 800 thousand per square meter).

At present, the offer in the newly built prime property market is quite diversified, including both relatively large prime blocks featuring their own territory, and de-luxe clubhouses offering apartments and suites with finishes by foreign designers, with stable offer prices.

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