Prices for Moscow new buildings have stalled

Experts have recorded a strong “slowdown” in prices in the primary market of the mass segment. At the end of the first quarter, the cost of a square in the capital remained almost unchanged. The most popular are apartments and apartments ranging from 30 to 50 square meters. m.

“The low demand in January-February is explained primarily by seasonality. January is always the month with the lowest sales level for the year due to the New Year holidays,” explained Ruslan Syrtsov, managing director of Metrium.

In his opinion, another factor that led to low sales volumes in the first months of 2024 was that, in anticipation of an increase in the key rate of the Central Bank and worsening mortgage conditions, many buyers rushed to complete the transaction before the tightening of mortgage conditions. At the same time, the reason for the recovery in demand in March could be the disclosure of short-term bank deposits opened at the end of last summer after the first increase in the key rate to 8.5%. It is impossible not to mention the cooling of prices. Against the background of reduced demand and tightening mortgage conditions, developers began to use new promotions and programs to attract customers.

In January-February, the volume of supply in the primary market of the mass segment of Moscow increased by 3%. The weighted average price per square meter of apartments and apartments was 326,103 rubles. per sq. m. (+2.4% for the month, no changes for the quarter, +16% for the year). 6.1 thousand transactions were concluded under DDU (-50% for the quarter, -35% for the year).

At the end of the first quarter of 2024, in the market of new buildings in the mass segment within Old Moscow, 97 projects were being implemented, where 20.3 thousand lots were offered, of which 18.1 thousand were apartments and 2.2 thousand were apartments. The supply volume increased by 3% during the quarter, but decreased by 9.6% year-on-year.

The majority of new buildings continued to be sold in the South-Eastern Administrative District (4.6 thousand lots, +21% for the quarter). At the same time, in the first quarter, no new projects were launched in the mass segment, but new buildings entered the primary market.

The maximum share of proposals for budget new buildings is at the stage of floor installation (51.2%, -1.3 percentage points). During the quarter, the share of offers at the initial stage of construction decreased (22.3%, -3.5 p.p.), at the same time, the share of offers in completed buildings increased (13.5%, +2.4 p.p.) and in buildings at the finishing stage (13%, +2.5 p.p.).

There have been no significant changes in the ratio of the volume of supply of apartments and apartments by room size. Compared to the first quarter of 2023, studios showed the largest increase in prices per square meter. m (+20.7% for the year, +0.1% for the quarter).

In March 2024, the share of supply of apartments in the white box format (+0.4 percentage points per quarter) and without finishing (+1.4 percentage points per quarter) increased. The share of supply of apartments and furnished apartments decreased by 1.8 percentage points.

Apartments and apartments ranging from 30 to 50 sq. m. m make up 44% of the supply. The main share of lots are exhibited in the price range from 10 million rubles. up to 15 million rubles

According to Syrtsov’s calculations, the weighted average price per square meter of apartments and apartments in the first quarter of 2024 amounted to 326,103 rubles. per sq. m (+2.4% for the month, no changes for the quarter, +16% for the year). That is, in the first quarter of 2024, the price of apartments did not change, despite the increase in the share of supply of finished lots and lots in buildings at the finishing stage, which should have had a positive impact on price dynamics.

The rating of the most affordable apartments in March 2024 was topped by a residential complex in Zelenograd: two kilometers from the future Kryukovo MCD station, premises with an area of ​​22.5 square meters. m are sold for 4.7 million rubles. For the same amount you can buy an apartment with an area of ​​20.6 square meters. m. in Bibirevo. The top three at the lowest price also included apartments with an area of ​​20.35 square meters. m. in a residential complex located in the north-west, a 10-minute walk to the Pyatnitskoye Shosse metro station (RUB 5.4 million).

The top 3 most budget apartments in March included an apartment with an area of ​​19.8 square meters. m. near the Zelenograd-Kryukovo MCD station (5.4 million rubles) and two apartments in the south-west of Moscow: with an area of ​​19.8 sq. m. m, 17 minutes walk from the Shcherbinka MCD (5.6 million rubles) and an area of ​​20.9 sq. m. near Bratislavskaya metro station (5.7 million rubles).

In January-March, 6.1 thousand transactions on DDU were concluded in the capital’s mass segment real estate market (-50% for the quarter, -35% for the year). Moreover, in March compared to the previous month, the demand level indicator increased by 62% and amounted to 2.7 thousand DDU. At the same time, the share of mortgage transactions in the first quarter decreased by 12 percentage points. and amounted to 73%.

The largest number of transactions were concluded in the South-Eastern Administrative District (20%, -1 p.p. per quarter). In second place in terms of transaction volume is SAO (18%, -2 p.p. per quarter). VAO is in third place (15%, +7 p.p. for the quarter), where the share of transactions on DDU increased by 7 p.p. during the quarter.