Everything outside the Moscow Ring Road: housing in satellite cities of Moscow has become more affordable
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Apartments are one and a half times cheaper than in the capital
Last January, due to rising mortgage prices and “overheated” prices in the secondary housing market of old Moscow, buyers began to move to New Moscow and the Moscow region. There are many more options to find a decent apartment at affordable prices in satellite cities. According to experts, this trend will intensify in the near future.
The reason for the migration of home buyers in the Moscow macroregion is generally clear. “In Moscow, after reducing the maximum loan amount to 6 million rubles. the preferential mortgage state program at 8% has actually ended,” said Oleg Repchenko, head of the Real Estate Market Indicators AC. According to him, with a minimum payment of 30%, you can take out a loan at 8% for an apartment worth no more than 8.5 million rubles. For that kind of money you can only buy a small studio on the outskirts of the capital. And even then you will have to spend a lot of time searching.
Tightening conditions for preferential mortgages has already affected demand. In January, the number of applications for preferential mortgages in Moscow, according to RBC estimates, fell year-on-year by 36.2%. Sales of market mortgages have actually come to a standstill: there are few people willing to buy apartments at exorbitant lending rates of 17–18%. As a result, at the end of the first month of the year, the demand for new buildings in Moscow fell by half. And this is just the beginning, analysts warn.
Despite the decline in demand, prices for new buildings in the capital remain stagnant. “Thanks to the rush in the third quarter of 2023, developers sold more than they planned, made good profits and accumulated a significant amount of funds in escrow accounts, so they can “live” for a long time even with low demand. But perhaps, against the backdrop of declining demand, the number of discounts and promotional offers will increase,” Repchenko believes.
Under these conditions, citizens with low purchasing power flocked to the Moscow region. According to Elena Chegodaeva, head of the analytics and consulting department at NDV Supermarket Real Estate, housing in the Moscow region has risen in price at a slower rate than inside the Moscow Ring Road. Thus, new buildings in the near Moscow region against the backdrop of rising prices in the mass segment of Old and New Moscow to 327.5 thousand rubles. and up to 243.5 thousand rubles. have become a more profitable alternative to purchasing housing. “The difference in prices remains at 60% with the comfort class of Old Moscow and 16% with the level of New Moscow,” the expert added.
According to calculations by Pavel Lutsenko, general director of the World of Apartments portal, from February 2023 to February 2024 in satellite cities of Moscow, on average, 1 square meter increased in price by 7%, and the average lot by 6.3%. Now in the Russian capital, the most expensive satellite cities are Reutov, where a meter of new buildings costs 250,195 rubles, and an entire apartment costs 11.3 million rubles. (see table), Dolgoprudny (233,352 rubles/sq. m and 11.2 million) and Krasnogorsk (227,159 rubles/sq. m and 10.5 million).
The cheapest among the inner circle are Lytkarino (143,897 rubles/sq. m and 5.6 million rubles), Shchelkovo (149,607 rubles/sq. m and 8.7 million) and Domodedovo (149,659 rubles/sq. m. m and 7.2 million). On average, a square meter of new buildings in cities near Moscow costs 192,554 rubles, and the average lot on the market is 9,134,800 rubles.
Over the past 12 months, out of 17 satellite cities, the “square” of new buildings has increased in price in 15, and decreased in 2 cities. It rose in price the most in Dolgoprudny (+15.2%), Reutov (+13.6%) and Balashikha (+13.5%). A drop in prices was noted in Podolsk (-3.4%) and Lytkarino (-1%). In Lobnya (+0.2%), Odintsovo (+2.6%) and Vidnoye (+3.5%) the price increased slightly.
Experts have recorded another interesting trend: the area of the average apartment in new buildings continues to shrink. Over the past year it has decreased by another 0.4 square meters. m.
“Due to increased prices for apartments, there is a flow of demand from the market of Moscow new buildings to the market in the Moscow region – mainly to the near zone. Buyers are trying to fit into as small a budget as possible, given that mortgages are becoming more expensive and the conditions for preferential programs are becoming more stringent. Now apartments in satellite towns of the capital are 45% cheaper than inside the Moscow Ring Road,” concluded Pavel Lutsenko.
According to Est-a-Tet analysts, in the Moscow region, the greatest interest among buyers is in residential complexes located within 30 km from the Moscow Ring Road and belonging to the comfort class. The most popular are apartments costing up to 10 million rubles.
Newspaper headline:
Buyers of apartments leave the Moscow Ring Road
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