28.2 C
Moscow
Sunday, June 26, 2022
spot_img

Supply up by 8%

(+64%) Business Class Real Estate in Moscow • Jan-Jun 2021/20

From January to June 2021, the number of real estate transactions in Moscow, considering business class property only, reached 11,000. This represents a 64% increase compared to the same period of the previous year.

The total footage of the property sold reached 723 thousand square meters, up by 54% at an annual rate. The average footage was 65.5 sq. m per lot, down by 6% year-on-year. The average cost of the property amounted to 22.9 million rubles per lot (up by 19% compared to a year ago)

At the end of the reporting period, total supply available in the market reached 9,300 lots for sale (up by 8% compared to half a year ago), with total footage amounting to 698 thousand square meters (up by 5%).

Several factors contributed to the high level of demand for the business class real estate property in the reporting period. Lowest ever mortgage rates have become a driver, providing a fairly easy entry into mortgage transactions. That is, a larger circle of people can afford the purchase, albeit with the involvement of credit funds. Substantial impact on demand was also exerted by low interest rates on deposits, an alternative to which was investment in real estate.

The demand for business class real estate property is a key indicator anticipating consumers’ interest for medium-high priced furniture in the area, in short to medium terms. We are tracking this indicator more closely within our extended Market Reports.

Related Articles

(+55%) Housing Commissioning • Jan-May 2022/21

From January to May 2022, commissioning of residential buildings in Russia reached 44.47 million square meters of total floor space. This represents a 54.6%...

(+58%) Housing Commissioning • Jan-Apr 2022/21

From January to April 2022, commissioning of residential buildings in Russia reached 37.6 million square meters of total floor space. This represents a 58%...

(+65%) Housing Commissioning • Jan-Mar 2022/21

From January to March 2022, commissioning of residential buildings in Russia reached 29.3 million square meters of total floor space. This represents a 64.6%...

LATEST MARKET STUDY

spot_img

COVID-19 CASES

Russia
192,476
Total active cases
Updated on 26.06.2022 19:33
18,418,881
Total confirmed cases
Updated on 26.06.2022 19:33
380,892
Total deaths
Updated on 26.06.2022 19:33
17,845,513
Total recovered
Updated on 26.06.2022 19:33

CURRENCY EXCHANGE RATES

RUB - Russian Ruble
EUR
60.9451
USD
58.3750

Latest Articles