Buyers have invested ₽93 billion in the capital’s luxury housing market this winter

In the winter of 2023-2024, the average cost of an elite lot in new buildings increased by 39.1%, and in the secondary market — by 15%. Investments in the expensive housing market increased by 1.72 times compared to last winter

According to the results of the winter of 2023-2024, buyers invested 93 billion rubles in the capital’s luxury housing market, which is 72% higher than last winter. Such data was provided by RBC-Real Estate in the luxury real estate agency Intermark Urban Real Estate.

A noticeable increase in the turnover of the capital’s high-budget real estate market to 93 billion rubles is associated with increased buyer interest in more expensive and spacious lots in new buildings, explains Dmitry Khalin, managing partner of Intermark Urban Real Estate.

From December to February, 621 apartments were sold in the primary and secondary luxury real estate market, according to the company, which is 39% more than last year’s winter figures. Moreover, the main growth dynamics was provided by sales in premium new buildings, where the number of transactions doubled year-on-year: 246 apartments sold this year against 120 transactions last winter, the study notes. 375 apartments were sold in the secondary luxury real estate market this winter, which is 14% more than last year.

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Analysts note a decrease in customer activity after the New Year. Among the reasons for the decrease in activity, Dmitry Khalin calls high deposit rates, which is why many leave savings in banks, as well as the fact that some buyers spend the winter in a warmer climate and return to the market by early spring.

According to the results of the winter of 2023-2024, the average cost of an apartment sold in elite new buildings in Moscow amounted to 167 million rubles, which is 39.1% more than in the winter of 2022-2023. The average cost of a high-budget apartment on the secondary market increased by 15% over the year, to 138 million rubles, according to Intermark Urban Real Estate.

According to the Whitewill luxury real estate agency, in 2023, 27% of transactions in the elite new buildings market in Moscow were made with apartments with pre-finishing (white box). This is 2.25 times more than in 2022 (12%), and 6.75 times more than at the end of 2021 (4%).

See also:

• Moscow districts are named as leaders in price growth for luxury new buildings
• The supply of luxury housing for sale has decreased in Moscow
• Analysts have recorded an increase in prices for luxury housing in Moscow

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