Since the beginning of the year, demand for apartments in new buildings has been growing in St. Petersburg

The demand for apartments in the primary market of the St. Petersburg agglomeration in the first quarter of 2024 increased by 40% compared to the same period last year. From January to March, about 18.5 thousand transactions were concluded, while from month to month there was a positive trend in demand — from 5 thousand transactions in January to 7.4 thousand transactions in March. This is reported by analysts of the St. Petersburg Real Estate Consulting Center.

“The market situation is being transformed under the influence of changes in mortgage lending conditions. At the beginning of the year, after increasing the minimum down payment to 30% and reducing the maximum loan amount by 2 times under the state program, we expected a greater decrease in sales volumes, but the number of transactions grew from month to month. The approaching deadline for the completion of the state—supported program and the upcoming changes in the conditions for issuing family mortgages stimulated purchasing activity,” says Olga Trosheva, director of the St. Petersburg Real Estate Consulting Center.

Also, in addition to mortgage programs, developers supported demand through the introduction of an installment plan tool, offering customers various options, including the ability to fix the cost of an apartment, make the first payments, and then take out a mortgage on more favorable terms.

From January to March, the activity of developers to launch new projects increased. The volume of new supply that has entered the market over the past three months is comparable to the level of demand — 760 thousand square meters of housing, which is 40% higher than in the same period in 2023.

The average offer prices for the first quarter of 2024 did not show strong fluctuations (an increase in the mass market class within 1%). At the end of March, the average price in In St. Petersburg, it amounted to 237 thousand rubles (+2.0 thousand rubles per sq.m. m per quarter), in the Leningrad region 148 thousand rubles (+1.4 thousand rubles per sq. m. m per quarter).

Источник: www.bsn.ru