Developers have seen enough of luxury
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Developers of premium apartments have significantly reduced the launch of new projects on the market. The reason is a decrease in demand, which prevents developers from selling space even for completed properties, as well as a decrease in the number of available sites and the continuing uncertainty in the legal status of apartments. Developers support the demand for inexpensive apartments by launching lots with extremely small areas on the market.
In 2022, the construction of just over 1,000 premium apartments was launched in Moscow, which is almost 11% less year-on-year. As a result, the share of the format in the expensive real estate segment decreased to 31%, while in 2021 it accounted for 42% (the rest is traditional apartments), Bon Ton calculated. These data are confirmed by the NF Group. According to analysts, before the pandemic, in the structure of offers in the premium segment, apartments accounted for up to 50%.
Of the entire volume of housing under construction, apartments of various price segments in the capital account for 14%, and premium lots occupy 17% in them, Metrium Premium specified. According to various estimates, 70–75% of all premium apartment complexes being built in the country are in the capital, up to 15% in St. Petersburg, and the rest is distributed among other million-plus cities.
The founder of Kalinka, Ekaterina Rumyantseva, considers the decrease in the share of apartment complexes in the premium segment to be a temporary phenomenon: “During all crises, developers reduce the commissioning of such facilities due to narrow demand.” The number of potential buyers is now decreasing in all segments, Alexander Andrianov, vice president of GloraX, confirms. Sergey Nyukhalov, deputy director of sales at Granel Group of Companies, says that many people bought premium apartments for rent, including expats and tourists, who have become much less in Moscow since last spring.
However, there is no reduction in their share on the mass market of apartments, says Anna Radzhabova, director of the elite real estate department at Metrium Premium. In her opinion, developers of low-cost properties support demand by bringing projects to the market with extremely compact lots, for example, with an area of less than 10 square meters. m.
Another reason for the decline in new projects of premium apart-complexes is the lack of free development sites in prestigious locations, Ms. Radzhabova notes, allowing a further decrease in the share of such objects in Moscow. Bon Ton notes a large volume of unsold expensive lots in complexes under construction or already commissioned. So, now in the primary premium market of Moscow there are 3.2 thousand apartments and apartments for sale with a total area of 322.1 thousand square meters. m is more year on year by 84.6% and 83.5%, respectively.
However, neither falling demand nor signs of overstocking in the segment seriously affected prices. According to the managing director of “Bon Ton” Valery Tsvetkov, the average cost of expensive apartments in almost completed objects is now 863.7 thousand rubles. for 1 sq. m, which is 10% more expensive than in projects that are just entering the market.
As a result, developers are not ready to completely abandon the construction of expensive apartment complexes even during the crisis. Moreover, Vasily Kvlividze, commercial director of Coldy, says that due to the lack of sites in the central districts of the city, some developers are considering the possibility of building premium apartment complexes where offices were previously planned.
It is more profitable for companies to build up land with apartments, since for such objects the requirement of the city authorities for infrastructure is more loyal than in the construction of traditional apartments, where a school, kindergarten and other social facilities are required for a residential complex. But the mayor’s office now coordinates the projects of apartment complexes much less, regardless of the segments, Bon Ton explains.
In addition, analysts add, the still undefined legal status of apartments is pressing on the segment. Almost two years ago, a corresponding bill was submitted to the State Duma, but it has not yet been considered by the deputies. This factor, believes Alexander Gutorov, vice-president of the Strana Development Group, complicates the calculations of the prospects for this real estate format.
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