The capital’s housing market is ready for new discounts: how to save money on buying an apartment
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At the end of spring, there were no significant changes in the secondary market of the Moscow region – since the beginning of the year, prices continue to stagnate. However, this summer the situation may change and home buyers will finally wait for generous discounts from sellers.
According to Oleg Repchenko, head of the Real Estate Market Indicators AC, according to the results of May, prices remained almost unchanged: 1 “square” in the secondary market of old Moscow increased in price by a symbolic 0.1% on average, to 253,340 rubles. Thus, housing prices in Moscow have hardly changed since the beginning of the year, after declining by 7.5% from May to December 2022. Apartments on the secondary market of the Moscow Region fell in price by 0.3% in May compared to April, to 151,000 rubles. per sq. m. New Moscow lost 0.2% in a month – now 1 sq. m. m on average costs 197,100 rubles.
Inside the Moscow Ring Road, the most expensive and, on the contrary, the most budgetary segments turned out to be the most profitable in May. This is clearly seen both in terms of housing types (see table) — modern monolith-brick (+0.8%) and old panel (+0.4%) added the most in price, as well as geography — prestigious Central Administrative Districts grew the fastest and ZAO (+0.5%), as well as democratic SEAD and SAD (+0.4% and +0.3%, respectively). The reasons for such dynamics are obvious: the most inexpensive offer is washed out the fastest, while sellers in expensive segments are afraid to sell too cheap.
Outside the Moscow Ring Road, the market is being pulled down by locations adjacent to old Moscow – the Moscow suburbs (-0.5%), where the volume of supply increased by 10% compared to April, and the Novomoskovsky district (-0.2%). In the Troitsky District and the far suburbs of Moscow, the average price per square meter remained at the April level.
Sergey Shloma, director of the “secondary market” direction of INCOM-Real Estate, drew attention to an interesting trend – the number of advances and transactions last May was twice as much as in May last year. At the same time, the number of calls did not grow, but the appeals of potential customers, as a rule, became targeted. “Tourists” in the market do not manage to see many options, as apartments are usually sold after 2-3 impressions. “Today, buyers quickly make a decision on a deal, they clearly know what location, house, layout and apartment parameters they need,” the analyst said. According to him, today for a 1-room apartment within the boundaries of old Moscow they ask for an average of 9.08 million rubles, for a 2-room apartment – 13.3 million rubles, a 3-room apartment – 19.02 million rubles.
As realtors admit, buyers have begun to pay more attention to the condition of living space. Doing repairs on your own has become expensive, and troublesome. “If earlier we advised owners not to spend money on pre-sale repairs, because it most likely would not pay off, now it’s the other way around: housing with finishing and furnishings is in demand and is sold quickly, perhaps even with an extra charge for repairs,” Shloma noted.
Yulia Dymova, director of the Est-a-Tet secondary real estate sales office, noted the growing interest in properties where home staging was performed (from the English home staging, deep pre-sale preparation of real estate. – “MK”). “Apartments with interesting design solutions and unusual interior items are popular with buyers. Yes, and the owners began to resort to the implementation of this concept more often. Previously, this was mainly practiced in the business class segment and above, but now it is already a common practice for comfort class facilities,” the expert added.
As always, 1- and 2-room apartments near the Moscow Ring Road are in high demand; they attract the attention of buyers with their relative cheapness. However, the demand for 3- and 4-room properties has also increased. “In recent years, the number of large families who need more space for comfortable living has increased. In addition, many now work remotely, and an additional office room is becoming a necessity. Especially if both spouses work remotely or the family has small children,” Dymova explained.
At the end of spring, another interesting trend gained momentum – families who, for some reason, need to move to separate apartments, sell their apartment in Moscow and use the proceeds to buy two others in New Moscow, where the cost of real estate is lower, and the level of infrastructure development is not inferior to the capital. It is more difficult to find two worthy options within the boundaries of old Moscow when selling one apartment.
“The housing market of the Moscow region is still in the hands of the buyer,” said Yulia Dymova. According to her, most owners have accepted this and are ready to adapt to potential customers. Demand is locational: in some areas there is a shortage of supply, in some, on the contrary, there is enough choice.
According to Sergei Shloma, it is not worth waiting for a fall in prices for secondary apartments in the near future, since they largely depend on the decisions of developers – as long as they do not lower the cost of apartments in new buildings, it is more profitable for buyers to resale.
Despite the seasonal decline in demand, the level of activity in the secondary market of Moscow remains acceptable. “Prices support the flow of buyers from the primary market and the emerging shortage of liquid lots. However, with the beginning of the summer holiday season, the decrease in demand is likely to continue, and this may negatively affect the dynamics of the cost of a meter. It is possible that the offer prices will continue to stagnate, but the size of the discounts will most likely increase,” concluded Oleg Repchenko.
Newspaper headline:
Homebuyers looking for discounts
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