Demand for luxury housing in Moscow increased by 21%. According to the results of the three spring months, luxury housing worth 96 billion rubles was sold in the capital. The highest activity was recorded in the secondary market
From March to May 2024, 734 luxury apartments were sold on the Moscow luxury real estate market, which is 21% more than in the same period last year, and 18% more than in the winter season. Such data is contained in the study (the editorial office has it) of the real estate company Intermark Urban Real Estate.
The total value of all sales in the luxury housing market for the spring season amounted to about 96 billion rubles, which is 21% higher than in the spring of last year and 3% higher than in the winter period, the study says.
The dynamics of transactions indicates that seasonality has returned to the high-budget housing market, which, in turn, means a market recovery, the company’s analysts say.
rbc.group
According to Intermark Urban Real Estate, special activity was recorded in the secondary sales market — they accounted for 63% of the total number of transactions. In the spring of this year, 463 lots were sold on the secondary luxury housing market, which is the maximum demand in the spring season since 2021. Moreover, relative to the past winter months, the demand for luxury secondary housing has also increased markedly — by almost a quarter (by 23%). Although the primary market shows an increase in the number of transactions (271 transactions), this growth is slowed down due to the unavailability of mortgage programs and high prices for new buildings. In addition, during a period of high key interest rates, many buyers prefer high-yield deposits to real estate transactions, the study says.
“Traditionally, in a healthy luxury housing market, spring sales show some of the highest values of the year. Only the autumn months can compete with them. Buyers tend to close deals before the summer vacation period. However, in 2022-2023, there was no such seasonality in the expensive housing market, it reacted vividly to economic and political events and behaved unpredictably. For example, we observed abnormally high demand last summer, and last spring, on the contrary, there was a very strong decline,” said Dmitry Khalin, CEO and Managing partner of Intermark Urban Real Estate.
Experts have previously estimated the profit from investments in elite and mass housing in Moscow. Investors who bought luxury housing in the capital during the market downturn in 2000 were able to earn the most.
See also:
- How has the behavior of buyers of luxury housing in Moscow changed
- The number of luxury housing transactions in Moscow increased by 20% in early 2024
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