The majority of luxury real estate is located in Khosta
The segment of expensive housing in Sochi is experiencing a period of rapid prosperity. Thanks to the increased activity of wealthy buyers from other regions of the country, the share of elite and premium projects in the main Russian resort this year reached almost 35%, while in Moscow it does not exceed 22%.
According to Olga Khasanova, CEO of Urban projects, since 2020 in Sochi, the volume of supply in expensive classes has tripled, reaching 3.4 thousand lots. Their total area is 163.6 thousand square meters. m. Five years ago this figure was balanced at 54.3 thousand sq. m. m. The share of expensive and ultra-expensive housing in the structure of the Sochi exposition over the five years has increased by 15.5%, now occupying a third of the market.
Among the internal factors that influenced the rapid development of the high-budget segment in Sochi, the expert noted a sharp increase in investments in new buildings with expensive and super-expensive offers, the exit of developers from the federal top 100, the launch of a number of large-scale complexes, a shift in interest from reconstruction to new construction and a switch in geographic priorities from the Central District, which is limited for development, to Adler. External factors include a significant influx of wealthy tourists, both seasonal residents and permanent remote workers.
“Sochi has in many ways become a Russian resort with no alternative in terms of level and variety of opportunities, which has largely displaced such leading tourist destinations as Turkey, Indonesia, Thailand, the UAE, etc. in the priorities of wealthy people,” — Khasanova noticed.
Over the past years, Sochi has confidently been one of the three leading cities, along with Moscow and St. Petersburg, where luxury real estate is represented in the largest volume. Now the Black Sea resort has surpassed even the capital in terms of the share of premium and elite-class projects. “Over the past three years, the city’s infrastructure has changed qualitatively,” — believes Elena Kabesheva, commercial director of the developer FIVE. According to her, the international events that are held here have confirmed the status of Sochi as a center of not only recreational, but also business tourism. Beautiful nature and subtropical climate only add to the attractiveness for investing in expensive and liquid residential “squares”.
“Many buyers choose housing here for permanent or seasonal living, while others view the lots as a good investment,” — said the deputy commercial director of the developer «Neometry» Anna Sapegina.
The new general plan had a positive impact on the development of the southern city. After 2020, developers began to increase the volume of supply with a high price tag. If five years ago the total cost of all elite, premium and business class properties in Sochi was estimated at 22.1 billion rubles, now this amount is 6.7 times more — RUB 148.4 billion At the turn of 2019-2020. in Sochi there were only 4 new buildings, where the average price exceeded 500 thousand rubles. per sq. m. Now there are 31 such addresses. Moreover, in 16 cases the average price per square meter exceeds 1 million rubles. The range of projects in which the average footage of lots sold is 50+ square meters has also expanded. m: instead of 11 there were 15.
— Looking at the graph of growth in real estate prices in Sochi using the example of recent years, we see a continuous increase not only in cost, but also in the value of construction projects, — noted the head of the sales department of the Grand Royal Residence Yuri Logachev. — Thus, in 2022, the main share of transactions was in business and comfort class, while now the elite and business segments are leading the Sochi market. At the same time, the amount of transactions in the elite class naturally exceeds the amount of transactions in the business and comfort segments combined, despite the smaller number of transactions.
The share of finished housing, against the backdrop of its overall growth, increased slightly: from 30.8% in 2020 to 34.0% in 2024. But reconstruction projects have lost importance. This is due to the shortage of suitable buildings in top locations, operational restrictions, difficulties in coordination and additional financial costs. Five years ago, reconstructed complexes generated 36.2% of high-budget supply in Sochi, in the summer of 2024 — less than 5%. Against this background, houses and hotel buildings under construction have become leaders in volume — 61.4% of lots (plus 28.4 percentage points to the 2020 figures).
Speaking about the geographical structure of the high-budget offer, it is necessary to emphasize that over the last five years the sample has expanded in all four districts of Sochi. But the scale of this process varies dramatically. Thus, in the Central District, the capacity of the local storefront increased by 1.7 times, in Lazarevsky — 2.3 times, in Khostinsky — 3.5 times, in Adler — 9.8 times. Accordingly, the representation of Adler new buildings in the citywide exposition jumped from 8.6% to 26.9%. According to this indicator, they bypassed projects in the Central District, whose weight fell by 20% — up to 23.9%. Most expensive and ultra-expensive real estate is still concentrated within the boundaries of the Khostinsky district — 43.0% (plus 4 percentage points over five years). Lazarevsky district continues to remain peripheral in terms of modern development. Its share has become even smaller (by 2.3 percentage points) and remains at 6.2%.