Experts of the Petersburg Real Estate Consulting Center summed up the results of 2024 in the St. Petersburg apartment market. During this period, the volume of the exhibition was in the range of 7.6-7.1 thousand units, with the highest figures at the beginning of the year. In Q4 2024, the volume of investment did not decrease. It is expected that in December, the auction will stay in the range of 7.2-7.4 thousand units due to the introduction of new facilities to the market.
Over the year, the trend towards the withdrawal of projects in a service format has strengthened. So, in 2024, developers presented 9 facilities, including new lines, with a volume of 3 thousand units or 94.7 thousand square meters, of which 97% were service apartments. Most of the units are represented in the comfort class (93%) and are located in residential areas of the city (55%). The largest project of this year, the Saan service apartment hotel from HansaGroup, entered the market with 1.1 thousand units.
in the 3rd quarter of 2024
“In the 4th quarter of this year, new projects in the service apartment format entered the market. These include Mosco (Ocean Development), Izzzi.lifeHive (OrangeGroup), and Academia Vorontsoff Mansion (AcademiaDevelopment). The total volume amounted to 0.5 thousand units, or 21.8 thousand square meters. m. Sales are also expected to start in the Nihilist residential complex (Bau City Development),” said Svetlana Moskovchenko, Deputy Director of the Petersburg Real Estate Consulting Center (part of the SetlGroup holding).
In the first 9 months of 2024, 17 facilities were commissioned, including new lines, with a total volume of 3.2 thousand units, or 104 thousand square meters. m. The largest projects, accounting for 70% of the total volume of commissioned units, were recreational apartments “Bereg. Kurortny and service apartment hotels GloraX Zanevsky and Artstudio M103.
Prices for service and luxury apartments are rising
According to preliminary estimates by experts, in December, the price per square meter is expected to remain at the level of the previous reporting quarter with minor adjustments. In November 2024, the average price in service units in the St. Petersburg agglomeration was 328.6 thousand rubles/sq. m (+4.5% compared to the previous reporting period). At the same time, the average price per square meter in the “analog housing” format decreased slightly compared to Q3 2024 — by 3.2%, and amounted to 283.1 thousand rubles/sq. m.
This reflects the annual trend of an increase in the price of a unit with a service component — more than 11% since the beginning of the year, while the price in units in the “analog housing” format has hardly changed.Also, since the beginning of the year, the average price of units in elite projects has increased significantly — by 23%.
The service component stimulates demand
In 11 months of 2024, 2.8 thousand units of all formats (106.7 thousand square meters) were sold on the market. Experts predict a decrease in the total annual demand in the range of 15-17% compared to 2023. Also, in the 4th quarter of 2024, sales of apartments of all formats decreased significantly — by the end of December — by 25-35%, if compared with the previous quarter of 2024.
“The volume of demand is decreasing, this phenomenon is observed in many segments of the real estate market in the country and is more associated with high interest rates on deposits, which forces many buyers to redirect their funds to bank deposits,” explained Svetlana Moskovchenko.
So, in October-November 2024, 0.4 thousand units were sold. Most units were purchased in the comfort class, accounting for 84% of the total sales, most often in residential areas of the city (61%). However, if the vast majority of transactions in residential areas were concluded with service units, then in the “housing analogue” format, units were purchased throughout the city, including locations outside the ring Road.
The most popular non-service facilities were ZOOM on Neva and ZOOM Chernaya Rechka (0.4 and 0.2 thousand units per year, respectively), as well as service units in the facilities Ofavenueapartpulkovo, Gloraxzanevsky, LadozhskyAvenir, Well and Ye’sprimorsky. The annual sales in each of the facilities were within 0.1 thousand units.At the same time, the largest number of units were sold in October-November 2024 in AvenirIndustrial—only 59 units.
In 2024, investors preferred service units over other formats. For 11 months of this year, the share of units sold in service apartment hotels was 57%, or 1.6 thousand units, which is 3 percentage points higher than last year. The “housing analogue” format accounted for 40% of the total demand, while elite units accounted for 3%.
Prospects for the apartment market development
According to experts from the Petersburg Real Estate Consulting Center, the level of expositions in the apartment market remains stable in Q4 2024.At the same time, the average price per square meter will be fixed at a high level and potentially will not decrease, especially in the formats of service card hotels and elite projects.
Comfort class service accessories will continue to account for the bulk of units sold, since it is this segment that has lost the least in demand over the year, which explains the main market trends.
In recent months, questions have arisen about the legal status of the apartments. In October, Moscow officially imposed a moratorium on their construction, which indicates possible changes in the future development of the segment throughout the country. There are no plans to introduce similar measures in St. Petersburg at the moment, however, the issuance of permits for new projects will be carried out more cautiously and more slowly, especially for the housing analogues format.
“Service apartments will retain their attractiveness due to the growing domestic tourist flow, which supports the utilization of service apartments. In the long term, they may remain the only format in the segment, as they have a clear target audience and are likely to be controlled by the law on the classification of tourist sites,” Svetlana Moskovchenko said.
According to her, in order to maintain demand, developers and management companies will have to adapt to new realities, including new legislative requirements, and use new financial instruments, such as leasing. It is also important to develop clear and understandable project concepts that will meet the expectations of the target audience.
Источник: www.bsn.ru
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