The number of offers of a certain type of apartment at the excavation stage has increased sevenfold

Developers have decided to take up the construction of expensive housing in Moscow again

In 2023, the number of offers of Moscow apartments and deluxe class apartments at the beginning of construction increased almost sevenfold. The total cost of 170 luxurious residential premises is estimated at 55.6 billion rubles. For comparison: in the mass segment the same figure is 69 billion rubles (5.1 thousand apartments).

According to Rariteco experts, in the market of new buildings in the elite and deluxe segments in December 2023, there were 1,258 real estate properties. The elite segment includes 727 premises, and the most expensive deluxe – 531. Over the year, the total supply of new buildings of these classes has hardly increased, but for the first time in many years the structure of their supply by stage of readiness has fundamentally changed.

Since 2020, the activity of developers of the most expensive new buildings in Moscow has been low. Because of this, the market was dominated by the supply of completed or almost completed residential complexes, while it was more difficult to find apartments “on the foundation pit” (they are more profitable to purchase due to lower prices) in new projects. In 2023 the situation has changed.

If by the beginning of 2023 at the starting stage there were only 25 apartments, apartments and deluxe-class houses, then by the end of 2023 there were 170. It seems like a small number, but in percentage terms it’s quite decent. The share of apartments, apartments and houses at the initial stage of construction in the total supply in December 2023 was 32% versus 8% at the beginning of last year.

In the deluxe class, new buildings at the initial stage of construction are noticeably more affordable, as, in fact, in many other classes of housing. The average cost per square meter in such properties is 1.99 million rubles, compared to 2.33 million rubles on average for new deluxe class buildings on sale.

However, for most Russians such “cheapness” is in any case unavailable. Literally only a few citizens can buy deluxe apartments. The cost of three to four square meters of expensive housing is comparable to the price of an apartment in the region neighboring the capital.