The goal of developers holding back the sale of finished housing has been named
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They are trying to lure buyers from the secondary market
Only every tenth apartment in Moscow that developers offer to buyers is located in a finished building. The remaining 90% of options are for housing under construction. These are the data from analyst research. Does this statistics mean that there are really few ready-made apartments in new buildings in the capital and we should immediately take them while they are available?
According to Metrium, on the Moscow market of new buildings, developers are offering buyers 67,630 apartments and apartments. Of these, 7,200 apartments (10.7%) are in finished buildings rather than under construction. In other words, according to experts, on the primary market only every tenth apartment is sold with keys. The “pit” stage accounts for 23% of proposals; for houses undergoing finishing work, 16%; more than half of the proposals are for the floor installation stage.
The fewest completed apartments can be found in new buildings in New Moscow – 4.1%. There are only 860 such premises, while the total volume of the local market is almost 21 thousand apartments. Developers offer the majority of apartments at the stage of floor installation (59.4%) and at the initial stage of construction (27.2%). In new buildings, about 9.4% of premises are sold at the finishing stage.
There are at least two bad news in this regard. First: developers are holding back finished housing, creating an artificial shortage. The goal they are pursuing is simple: to lure buyers from the secondary market, where prices are lower, but mortgage rates are off the charts (18–20% per annum), to the primary market, where until July 1 you can still take out a loan at 6–8%. It is thanks to the still existing preferential mortgage program and the threat of its termination in the second half of the year that some potential buyers will most likely change their decision in favor of the primary market.
“The supply of finished apartments and apartments will be reduced,” says Oleg Kolchenko, shareholder and managing partner of the Osnova group of companies. — Due to rising mortgage rates, potential buyers are leaving the secondary market and going to developers, where they can buy an apartment at 6–8% per annum. This audience will rely specifically on ready-made objects, so the supply here will be reduced due to leaching.
“There are extremely few options for finished housing on the market of premium new buildings, only 6.7%,” notes commercial director of Regions Development Liliya Artsibasheva. — Moreover, in complexes that were put into operation a long time ago, there are few liquid options, so I recommend looking for objects in new buildings that have just received permission to enter.
Another bad news: prices in new buildings will continue to rise. It would seem, where else, because the cost of apartments in new buildings is already higher than in the old building, by 20–40%!
“The shortage of ready-made housing options on the primary market will increase,” comments Ruslan Syrtsov, managing director of Metrium. — Obviously, this will cause an increase in prices for newly commissioned buildings and for objects in a high degree of readiness.
It is possible that the difference between the price for a foundation pit and for finished new buildings will increase significantly. For Russians who really need to improve their living conditions, there is no point in buying housing at the initial stage of construction. It’s easier to wait until the second half of the year, when the situation on the housing market begins to clear up. But the interest of investors who urgently need to invest money may increase, experts predict.
Be that as it may, many entrepreneurs do not even hide the fact that they do not intend to reduce the cost of square meters in the coming months.
— The most important thing we will do in 2024 is to maintain housing prices. “I believe that even in the current difficult conditions it is impossible to “merge” square meters,” says Ilya Kolunov, Deputy General Director for Commercial Affairs and Public Relations of the Garden Ring group of companies. “We don’t know what will happen next, so we need to be careful and careful about every sale of an apartment.
Newspaper headline:
Where to find ready-made
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