In six months, developers have purchased 560 hectares of land for construction in St. Petersburg and the Leningrad region for 36 billion rubles

Developers purchased 560 hectares in St. Petersburg and the Leningrad region for construction in the first half of 2024, investing 36 billion rubles. Investments in commercial real estate for the same period amounted to about 20 billion rubles. In general, as calculated by the St. Petersburg Real Estate Consulting Center, investments decreased by 8% compared to the same period last year.

The largest transactions, according to KC experts, were the acquisition by developers GloraX and Dogma of plots in the Lomonosov district of the Leningrad region. Glorax bought about 174 hectares in Lagolovo and 46.5 hectares in Anninsky rural settlement, and Dogma announced activity in the region for the first time, becoming the owner of more than 258 hectares in Villosa rural settlement. Among the commercial real estate transactions, the acquisition of a hotel project on the Champ de Mars by one of Gazprom’s structures stands out.

Commenting on the situation in the real estate market, Olga Trosheva, director of the St. Petersburg Real Estate Consulting Center, noted that the investment activity of companies is limited by a high key rate and rising inflation after a sharp drop last year.

In total, in St. Petersburg and the Leningrad region, from January to June 2024, 25 transactions were concluded for the acquisition of plots with a total area of 560 hectares for a total amount of 36 billion rubles. At the same time, in terms of land area, the transactions exceeded last year’s by almost five times, but in terms of cost — by only 44%. According to experts, this is due to a change in the structure of demand: if last year developers purchased more sites inside the city, which are both more expensive and smaller in area, then in 2024 they concentrated on sites near the ring road and in the suburbs – they accounted for more than half (54%) of transactions. The biggest deals in St. Petersburg are the purchase of 11.7 hectares in the village of Smolyachkovo in the Kurortny district and 11.6 hectares on Samoilova Street in the Frunzensky district.

The share of redevelopment sites has decreased to 28%, which is due to the trend towards the preservation of industrial zones in St. Petersburg. The share of plots purchased for the construction of apartments has also decreased — up to 7%.

According to Olga Trosheva, investors are also hampered by the fact that new land use and development rules were not introduced in the first half of the year, as this creates additional risk for sites where additional restrictions may arise.

19.7 billion rubles were invested in commercial buildings. Office and hotel real estate were the leaders in the first half of the year, which is primarily due to the departure of foreign companies. Thus, Jet Brains sold the Lotos Towers office center to Petrovich, and the Renaissance Forum business Center and the Crown Plaza Hotel were implemented by the Turkish developer Ronesans — the buyer was the Innovation and Development company. Along with the aforementioned sale of the hotel project on the Champ de Mars, they formed the main pool of transactions in commercial real estate. Warehouse and retail real estate, due to the shortage of high-quality supply on the market, did not show a significant amount of investment.

Depending on the location, prices show different dynamics. So, in the center of St. Petersburg, the difference in the price of various objects has become even higher and now amounts to 30-120 thousand per square meter of improvements on new sites and from 40 to 110 thousand rubles on redevelopment sites. In residential locations, the range increased by 10 thousand rubles and amounts to 35-70 thousand rubles per square meter of improvements, and in the suburbs it became lower due to the acquisition of large-scale territories for complex development and is at the level of 8-10 thousand rubles. At the same time, sellers of plots within the city limits raise prices, but are ready to cooperate on the use of different payment schemes.

Источник: www.fontanka.ru