News

11/08/14

New premium property market. Moscow. July 2014

By late July 2014, there was a marginal (1%) growth in the offer in the newly built premium property market, but the growth was driven by new offers in projects that had already been put on the market before. No new projects were offered in the market during the month.

By the end of the month, the offer stood at 291 thousand square meters, including 184 thousand square meters of apartments and 107 thousand square meters of suites (around 1,295 apartments and 730 suites). The share of suites in the total offer came at 36%.

As of late July 2014, primary sales are run in 17 residential and 11 suite developments.

In July the Central Administrative District, leading in terms of offer in the newly built premium property market, accounted for 67% of total offer. Outside the Central Administrative District, newly built premium property is offered in three districts: Southern Administrative District, Western Administrative District, and Northwestern Administrative District. The Presnensky (31% of total offer) and Khamovniki (25%) still lead the market in terms of offer.

In July 2014, the average offer price in prime residences of the Central Administrative District came at RUB 527.5 thousand per square meter (+3.5% month-on-month), while that of suite residences in the Central Administrative District was RUB 460.2 thousand per square meter (+3% month-on-month). The average offer price of apartments in new premium projects outside the Central Administrative District stood at RUB 435.4 thousand per square meter (+1.6% month-on-month).

In July, the highest prices were offered by Arbat (RUB 719 thousand per square meter), Tagansky (RUB 549 thousand per square meter) and Khamovniki (RUB 535 thousand per square meter). As a rule, the most attractive offers are made in summer. This year is not an exception.

In early summer, some new premium projects launched a number of special offers: in case of 100% payment, you could get an up to 5% discount for apartments and suites; a parking place free of charge, and so on. These special offers, however, only covered a specifically allocated pool of apartments and were not large-scale. The next price increase for apartments in projects under construction is expected to take place as soon as in late August / early September.

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