Deposits moved to expensive housing – Kommersant FM
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During the winter of 2023/24, elite real estate worth 93 billion rubles was sold in Moscow. This is almost double what it was a year ago. From December to February, according to the Intermark City Real Estate agency, 621 apartments were sold, most of them on the secondary market. At the same time, the cost of premium properties has been growing in recent months. Thus, since December, lots in new buildings have risen in price by 40%, and premium resales by 15%. The market expects that there will be even more deals in the spring. One of the factors is the closing of short deposits.
Many decided to make money on the high rates that bankers offered in the fall. Now it’s time to invest what you have accumulated. By May, the total sales volume will exceed 100 billion rubles, predicts Dmitry Khalin, General Director of the Intermark City Real Estate company: “Such a high demand for luxury housing this winter and an increase in market turnover is due to the fact that there are many more transactions, and, with on the other hand, the transactions themselves have become larger. That is, from the end of 2023 to the beginning of 2024, we are seeing growing demand in the so-called heavy luxury segment with transaction budgets starting from RUB 300 million. and higher. This applies to both new buildings and properties on the secondary market.
Traditionally, winter is not the most active period in the housing market, in particular, the luxury one. Typically, the spring months are the most active, and this spring will be no exception. In terms of the number of transactions, we expect growth in the range of 15-20%, interest in ultra-expensive projects and secondary properties is not falling, so the market’s cash turnover, according to our estimates, will grow by 30-40% this spring.”
There are not enough luxury lots for everyone, real estate market experts say. There is even a new trend emerging – the purchase of properties under construction. Clients choose housing based only on the presentation of objects. They are in a hurry to conclude deals because prices in this segment are growing rapidly, explained managing partner of Webster Ekaterina Tsitsishvili: “The categories of properties that are really in demand are premium and deluxe class, the average bill is from 130 million rubles. up to 200 million rubles, this is a standard request. People are happy to buy, invest, it doesn’t matter that the sale will take place in two or three years, because if the same money is kept in the bank, then in two or three years it will not be possible to even come close to such real estate. That is, there is a very decent increase.
People who had 100 million rubles last year. and didn’t enter this market, wanted to purchase a specific area, now they either have to enter a completely different class of objects, probably closer to business, or reduce the area. This has already become more or less clear to everyone, so now, if there is an interesting project with a starting price per square meter of 1 million rubles. up to 2 million rubles, there are no longer any questions about why it’s so expensive.”
Analysts note that the penthouse is now becoming one of the most popular formats in luxury real estate. Over the past three years, such properties have increased in price by 70%. The most expensive penthouse in Moscow, according to the consulting company NF Group, costs 7.3 billion rubles, it is located in a new residential complex not far from the Cathedral of Christ the Savior, on Soimonovsky Proezd.
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