New buildings in prestigious areas have risen in price by 6-20% in a year
The average cost per square meter in new buildings in central Moscow has increased by 28% in a year, experts have calculated. A year ago, new housing was sold for 1.16 million rubles per square meter (again, on average), and by June 2024, the figure reached 1.48 million. Analysts note that the increase in the cost per meter is due to the pricing policy of developers.
In total, developers in the Central District of Moscow offer 85 projects, including 3.4 thousand flats and apartments. New buildings «deluxe» — the most expensive on the capital market — have increased in price by 8% (from 2.5 million rubles to 2.7 million per square meter). Elite new buildings have increased in price by 6% over the year (from 1.36 million to 1.44 million rubles per meter).
The highest price increase is observed in the premium class. In June 2023, the average cost per square meter in this segment was 776 thousand rubles, and in June 2024 — 931 thousand, 20% more. Next come new business-class buildings, which have risen in price by 18% over the year (from 452 thousand per square meter to 533 thousand).
Why do experts claim that the average cost increase is 28%? They simply make a calculation based on the total number of new apartments and flats. It is clear that there are fewer of them in the «deluxe» class, and much more in the «premium» class. And as a result, the price has increased by almost a third.
— In addition to the structural reasons for the growth of the average cost per square meter in the premium class, this process is influenced by high demand from buyers, — comments Oleg Kolchenko, shareholder and managing partner of the Osnova group of companies. — Premium-class new buildings are now the golden mean for home buyers in the Central District: they are not inferior in quality to more expensive projects and offer comprehensive social and commercial infrastructure. Increased demand is observed for finished properties, which make up only 18% of the total supply in the center in this market segment.
— There are many properties outside the Central Administrative District on the premium-class new buildings market, but the center still remains a priority for the buying audience, — says Anna Radzhabova, director of the elite real estate department at Metrium Premium. — For many of them, life in the Central Administrative District has long been associated with a familiar way of life, an established community, favorite restaurants, proven medical and cosmetology centers — generally speaking, the infrastructure of the center.