Demand for elite apartments in Moscow fell to a ten-year low

a Decrease in activity of buyers during the quarantine only two times can be interpreted as a positive signal, say analysts

Photo: Ramil Galeev/TASS

In April 2020, the number of deals with elite new buildings in Moscow decreased to the lowest level in the last ten years — over the past month there were 36 contracts of share participation. This is twice less than in the same period last year, according to a press release from international consultants Savills.

The demand for capital facilities to new buildings in April was expected in the conditions of the quarantine imposed because of the epidemic COVID-19. However, looking at similar statistics for the period of self-isolation in major Chinese cities, Europe and the UK, where demand for expensive housing has fallen almost to zero, for Moscow had initially predicted a more dramatic scenario. Therefore, the decrease in activity of buyers only two times can be interpreted as a positive signal that gives hope for the quick recovery of the market after the easing of restrictions, analysts say.

The main volume of the April transactions was concluded in the projects of major developers — the Capital Group, “INTEKO» and Vesper. Over the past 12 months, the average price showed an increase of 12% since the beginning of this year — 7%. Today, the average price per square meter in elite buildings in the capital is 954 thousand rbl., and in dollar terms — $12.9 thousand Dollar cost of elite buildings due to changes in the exchange rate over the past year has not changed, it is specified in the press release.

The average transaction price in April did not exceed 588 thousand RUB over the “square”, which is 7% lower than the same period of 2019, and $  — by 19%. The average budget for sold lots in April 2020 5% more than last year: 67 million rubles as compared to 64 million rubles. the Maximum transaction value in the past month exceeded the limit of $7 million (or more than 550 million rubles.).

In the period April quarantine buyers chose apartments and larger units compared to the previous spring season — an average of 144 sq. m against 101 sq m a year ago. Most buyers interested in flats and apartments — more than 60% of all transactions. In fact, for the first time on the market for premium buildings were noted such a big share of home sales finish for the month. The most in demand from buyers of elite apartments in April 2020 remained Presnensky and Khamovniki, said the experts.

The demand for quarantine has fallen not only to buy but to rent luxury homes. In the period of self-isolation, potential tenants are not willing to make deals and move to a new home is delayed, the expert explained

Faith Lunkov


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