NF Group analysts have analyzed the key ratings of Knight Frank’s annual Wealth Report 2024 wealth survey, taking into account the dynamics of prices for luxury real estate in Russian cities. With an increase of 26.3%, the PIRI 100 Price Growth Index was topped by Manila (Philippines). In second place is St. Petersburg, which occupied the 80th place a year ago: in 2023, prices in the elite residential real estate market of the Northern capital increased by 16.9%. Last year’s ranking leader, Dubai (UAE), took third place with an increase of 15.9%, Sochi was 9th (+10.4%), Moscow – 19th (+6.4%). In the Million Dollar Index, which shows how many square meters of luxury residential real estate can be purchased in a particular city for this amount, Sochi and Moscow took 11th and 12th place, while St. Petersburg did not make it into the top 15.
The Wealth Report is an international wealth report published annually by Knight Frank and explores the global luxury real estate markets. Being an important information resource for the super-rich people around the world, real estate investors, consultants and private bankers, the publication tracks various indicators and trends that shape the level of well-being in individual locations, countries and regions, and contains analytical summaries, expert assessments and ratings of cities and countries, helping to understand the specifics of luxury real estate markets, their trajectory development, prospects, risks and investment attractiveness of commercial real estate and luxury goods, as well as trends in the field of charity. The 18th edition was published in 2024 The Wealth Report.
St. Petersburg has entered the top three of the world price dynamics rating PIRI 100
The Prime International Residential Index (PIRI) tracks the global dynamics of weighted average prices for luxury housing in the primary and secondary markets in 100 key cities around the world in national currency.In 2023, 83 out of 100 luxury real estate markets demonstrated stability or positive price dynamics, a decrease was recorded in 17 cities.
The maximum price increase (+26.3%) was recorded in Manila, which was located in the negative rating zone a year ago.Dubai, which was in the lead for two years in a row, moved to third place (+15.9%), and St. Petersburg rose from 80th place to second in a year (+16.9% vs. +1% by the end of 2022).
Sochi also entered the top 10 of the rating, with an annual price increase of 10.4%. At the same time, Moscow, which took 9th place last time, turned out to be 19th (+6.4%), ahead of cities such as Seoul, Mexico City, Rome, Stockholm, Milan, Beijing, Sydney, Paris, Melbourne and Brussels.
By the end of 2023, the weighted average offer price in the luxury real estate markets of Moscow, St. Petersburg and Sochi is 1,618 thousand rubles per square meter, 630 thousand rubles per square meter. m and 2,020 thousand rubles per sq . m . m accordingly.
According to Andrey Solovyov, partner, regional director of the NF Group Urban Real Estate department, the main increase in the weighted average offer price in elite new buildings in St. Petersburg occurred at the end of 2023: if in the I-III quarters there was a moderate pace of 4% per quarter, then in the IV quarter the indicator increased by 11%, and by At the end of December, the price per 1 sq. m of luxury residential real estate reached the level of 630 thousand rubles. On the one hand, the rapid dynamics was due to structural changes in terms of entering the market of a new facility at high prices and washing out the most liquid supply due to the revival of buyer interest in the segment. On the other hand, many developers have decided to revise their pricing policy in the direction of increasing the cost of lots. Similar trends were observed in the primary market of Moscow, however, the annual growth here amounted to 6.4% to the value of 1,618 thousand rubles per square meter, due to which the capital took 19th place in the world ranking. Meanwhile, Sochi entered the top 10 in terms of price growth for luxury housing with a positive annual trend of 10.4%.”
Источник: www.bsn.ru
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