A lower limit of 44 square meters has been set for two-room apartments. The corresponding decree was signed by the mayor of the capital, Sergei Sobyanin. How will this affect the housing market?
Moscow Mayor Sergei Sobyanin has signed a decree banning the construction of one-room apartments with an area of less than 28 square meters in the capital. For two-room apartments, the minimum area is set at 44 square meters. The changes came into force on August 1 of this year.
According to the document published on the ConsultantPlus website, the area of apartments is calculated without taking into account balconies, loggias, terraces, cold storerooms and apartment vestibules. Vladimir Efimov, Deputy Mayor for Urban Planning and Construction, was appointed responsible for fulfilling the requirements.
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How will this affect the real estate market in Moscow? Comments on the CEO of M1 Solutions Marat Manasyan:
Marat Manasyan, CEO of M1 Solutions, “This is an increase in the average check and a decrease in availability. If earlier I could, for example, buy 25 meters for myself, because I had very little money, but I could buy myself something where I could live separately, now I can’t do it, despite the fact that the difference is only three meters. Accordingly, they tell me — well, go buy yourself something of a larger scale, a larger size, and I say – I don’t have a larger scale or size, and with the cost of borrowing that banks are offering today because of the key rate, I generally lose on this. If this were happening against the background of growing welfare of citizens, economic growth, I do not mean the figures drawn by Rosstat, and not what we see every day in stores, then this would be normal. That is, why should we produce a large number of small cadastral numbers on the market, guys, you are already making good money, people would buzz and say in the end: well, okay. And in today’s situation, this is not very good. Moreover, the whole layer of business that was engaged in this is also flying out, and everyone who was engaged in dividing apartments, building houses with pre-made layouts for such studios will now not be able to do this. They now have a buyer they were counting on, who won’t be able to buy it either.”
Apartments and studios of less than 28 meters after this decision of the mayor will remain on the market, but, obviously, they will become more expensive due to the fact that the format is becoming rare, the director of the analytical platform believes bnMAP.pro Sergey Lobzhanidze:
Sergey Lobzhanidze Director of the analytical platform bnMAP.pro “The decision is aimed at limiting the tendency of businesses to reduce the area of certain types of apartments in order to minimize the purchase budget due to a smaller area, but at the same time objectively increasing the burden on infrastructure, increasing the density of the house. How can this affect the market? Studios are an interesting and actively implemented product, especially in comfort class, although there are examples of studios in the business class format and even in the premium housing format, but they are, of course, significantly large areas there, and therefore do not fall under this restriction. Some studios of less than 28 meters are on the market, and when the first desire appeared and it became known about the desire to ban such formats, they began to be sold with great excitement. But in general, this restriction will not bring any significant impact on the market, it will remove studios of 23 meters, 25 meters. On the other hand, the desire to reduce the area sometimes leads to negative results, because not always a person buying such an apartment with a mortgage realizes what kind of space he will live in, in general it can be quite uncomfortable. Of course, this type of apartment will remain on the market, probably, they will try to sell it at a higher price per square meter, appealing to the fact that this offer is more scarce, but in general, as a real estate format it cannot be called optimal for life, it will rather have a positive effect on the market.”
Moskomexpertiza sent a letter to developers in May, stating that the minimum area of one-room apartments in new complexes should not be less than 28 square meters. In case of violation, the construction project will not be approved.
Earlier, Vladimir Putin stated that by 2030, Russians should be provided with housing at the rate of 33 square meters per person.
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