Buyers in the studio – Newspaper Kommersant No. 23 (7468) dated 02/08/2023
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The desire of developers to bring low-budget lots to market has led to a sharp increase in the supply of studio apartments. The exposition of such objects in Moscow grew by 75% over the year, outpacing the overall market dynamics. But realizing the offer to developers can be difficult due to lower demand from investors.
The volume of supply of studios in the primary market of Moscow increased over the year by 75.1%, to 14.1 thousand lots, calculated in “Metrium”. This significantly exceeds the overall growth rate of exposure, which in general increased by 51%. Natalia Kuznetsova, CEO of NDV Supermarket Real Estate, speaks of a 61.1% growth in studio supply over the year. According to bnMAP.pro, 9.7 thousand studios with an area of 280.8 thousand square meters are being sold within the boundaries of the “old” Moscow. m, which is 68% and 66% more than a year earlier. Est-a-Tet says that the total exhibition area in “old” Moscow has grown by 29% over the year, studios – by 75%.
The share of studios in the structure of the primary offer increased from 17% to 20% over the year, Metrium notes. bnMAP.pro data indicates that in “old” Moscow such lots already form 25% of the exposition. Victoria Kovalevskaya, head of the marketing research department at Glavstroy Regions, calculated that the share of studios in the exposition structure of the Moscow region increased by three percentage points over the year, to 15%. Now the exposition of such apartments is growing faster, she notes.
Traditionally, studio apartments were featured in mass housing, but now the picture has begun to change. According to Metrium’s estimates, 235 studios are currently exhibiting in the premium segment, which is 69% more than last year’s figure. And 16 studios are represented in the projects of the elite and deluxe class, where they form 1.4% of the supply against 0.7% a year earlier. But here such lots are still rare. Even choosing starter housing for children, customers buy one-room or two-room apartments, says Dmitry Golev, commercial director of Optima Development.
According to Metrium, the average area of studios in Moscow is now at the level of 24.5 sq. m, and lots are sold on average for 8.9 million rubles. per object. The CEO of SMU-6 Investments, Alexey Perlin, explains the increase in the share of studios by adapting the housing offer to the needs of buyers. Nadezhda Korkka, Managing Partner of Metrium, also notes that developers are more actively withdrawing such proposals in response to a decrease in household incomes. According to Natalia Kuznetsova, studios are the most liquid asset in the face of declining effective demand.
Olga Guseva, CEO of Key Capital, notes that projects that were designed two to four years ago are currently being implemented on the primary market, and a large number of studios were largely expected to be based on buyers-investors. Sergey Nyukhalov, Deputy Sales Director of Granel Group of Companies, confirms that such a format is in demand as an investment tool that provides good returns with effective investment. But now the interest of investors in primary real estate as a whole is declining. If at the beginning of 2022, according to Cyan.Analytics, such buyers formed 14% of transactions in the Moscow region, then at the end of the year – 9%.
Tatyana Polidi, executive director of the Institute for Urban Economics Foundation, calls studios a normal real estate format, but points out that their offer must be balanced, given the limited number of households for which it is suitable. She does not rule out that now developers will face difficulties in implementing the accumulated volume of proposals from studios, especially when it comes to objects on the outskirts of cities.
According to Natalia Kuznetsova’s forecasts, the demand for studios will gradually decline as the share of home sales for own residence in the mass segment grows. “This is facilitated, among other things, by extending the family mortgage at a reduced rate, which applies to large-format apartments,” she says. Asterus commercial director Vera Stefan also doubts that the demand for the studios will be high. Consumers facing declining incomes are more likely to choose lower-class housing or in a less attractive location, but more suitable for longer stays, she said. Anna Boim, commercial director of A101 Group of Companies, believes that it is no longer advisable to increase the share of studios in projects.
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