Developer Glorax increased its land bank to 5 million square meters in nine months. m
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Based on the results of nine months of 2023, the developer Glorax increased the land bank to 5 million square meters. m, follows from the operating rooms results companies. Compared to the same period last year, the figure increased by 25%.
The volume of square meters in the construction and design stage in January-September doubled and reached 2,723 thousand square meters. m. The average price per square meter of residential real estate was 267 thousand rubles.
The total volume of residential real estate sales over nine months increased by the number of transactions by 22%, by area – by 35%, and by value – by 21%. The share of contracts involving mortgage funds was 59%.
Since the beginning of 2023, Glorax has entered three new regions: Nizhny Novgorod, Leningrad region and Kazan. Vice President of the company’s Economics and Finance Unit Gleb Shurpik noted that the current year is of particular importance for Glorax, since the developer is preparing to enter an IPO (public offering) in 2025.
“We are currently focused on expanding and diversifying our project portfolio, including through expansion into other promising regions,” added Mr. Shurpik.
According to the vice president, by the end of the year, Glorax intends to close six more transactions that are currently being developed. According to the developer’s forecasts, the volume of construction in 2023 will increase by 1.5 times compared to 2022 and will amount to about 700 thousand square meters. m.
Glorax company was founded in 2014 and is engaged in the development of residential, commercial and public real estate. Geography of activity: Moscow, St. Petersburg, Leningrad region, Nizhny Novgorod and Kazan. The company’s current portfolio includes 16 projects, 8 of which have a total area of 688 thousand square meters. m are in the active stage of construction.
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