The format of small-sized apartments began to actively develop in the regions
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After the markets of Moscow and St. Petersburg became saturated with small-sized apartments, the format began to actively develop in the regions. During the year, the supply of housing with an area of up to 25 sq. m in new buildings in Russia increased by a third, and in some cities – three to six times. The trend is also associated with the desire of regional developers to enter a new segment, but the main demand in the segment is formed by investors, whose activity has decreased following changes in the conditions of preferential mortgages, warn the market.
The volume of supply of studios with an area of up to 25 sq. m in Russian new buildings in February increased by 33% year-on-year, as calculated by Avito Real Estate. In the service issue on February 26, 35 thousand similar lots were available. The increase in supply was more pronounced in the regions. In new buildings in Kaliningrad, the number of compact apartments increased six times over the year, in Volgograd – five times, in Omsk – four times. The dynamics were multiple in Ryazan, Tomsk, Tula, Tyumen, Ulyanovsk, Ufa and Chelyabinsk. In Moscow, the number of lots with an area of up to 25 square meters. m grew by 18% over the year, in St. Petersburg by 11%, Avito Real Estate notes.
Managing Director of Metrium Ruslan Syrtsov says that in Moscow there are 8.8 thousand apartments and apartments with an area of up to 25 square meters. m, which is 7.1% more than a year earlier. According to expert estimates, compact lots form 11.7% of the primary exhibition volume. Head of “Cyan. Analysts” Alexey Popov notes that lots with an area of 18–24 sq. m at the end of 2023 formed 11.5% of transactions in the primary market of Moscow and 10.1% in the regions.
The head of the secondary and suburban areas of Avito Real Estate, Sergei Eremin, says that the new fund responds flexibly to changes in consumer behavior, and small “cuts” indicate the demand for this format. Good sales, according to analysts, are indicated by a reduction in the supply of apartments to 25 square meters. m on the secondary market in Moscow by 18% per year.
General Director of Infoline Analytics Mikhail Burmistrov points out that the share of one-person households in Russia has grown over the past 13 years from 14 million to 28.5 million people. The markets of Moscow and St. Petersburg began to react to this earlier, and a certain oversupply of small apartments formed here, while in the regions the process began only now, he points out. In conditions of overstocking of regional markets, the expert adds, the creation of small studios may be an attempt to enter a less competitive segment.
Mr. Popov calls the area 25 square meters. m minimum, which can be used for comfortable living for a long time. Objects in 18–24 sq. m, according to him, are designed and delivered in full-fledged new buildings; an area of 27–29 square meters is traditionally considered a more acceptable format. m.
Small lots are traditionally considered more profitable for developers. Est-a-Tet partner Vladimir Morebis says that the average price of 1 sq. m in such objects on the primary market of Moscow is approaching 450 thousand rubles. The average cost of all new buildings at the beginning of February in Cyan. Analytics” was estimated at 342.7 thousand rubles. for 1 sq. m. Although, Mr. Morebis adds, a large number of studios in the project may reduce the attractiveness. In “Cyan. Analystika adds that in such complexes the load on elevators and other infrastructure increases significantly.
Compact apartments, according to Mr. Syrtsov, are traditionally popular with rentier investors. Executive Director of NDV Supermarket Real Estate Tatyana Podkidysheva says that small studios are mainly purchased for rental and resale. The high activity of investors in 2023 was, among other things, caused by fluctuations in exchange rates and the effect of preferential mortgage programs (see Kommersant of November 18, 2023). But at the end of 2023, increased lending limits were canceled for Moscow, St. Petersburg and neighboring regions, and the principle of one-time issuance was introduced.
Elizaveta Rodina, head of the marketing research department at Glavstroy, says that with the change in conditions for preferential mortgages, the demand for small lots in Moscow has noticeably decreased. Mr. Syrtsov notes that only 150 compact apartments on the primary market of the capital and only those located in New Moscow fit into the new limits on preferential mortgages. But, according to him, it is impossible to talk about this category of buyers leaving the market. “Now rental rates are rising, due to which the payback period for housing is decreasing,” points out Mr. Syrtsov.
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