The general mood of the subjects of the business class real estate market is that the market is stagnating: purchasing power is low, mortgage rates are high. But on closer inspection, the market is alive, apartments are being purchased, developers are planning new projects.
Experts of the construction company BASIS-SPB, which specializes in the construction of business-class residential facilities in St. Petersburg, note two trends.
The first trend is that the supply of business class housing under construction in St. Petersburg is decreasing.
According to one data, in the first half of 2023, 55% fewer lots were sold than in the same period of 2022. There is evidence that in 9 months of 2023, three times fewer apartments were put on the market than in the same period in 2022. By the end of 2023, 12% fewer transactions were implemented in new business class buildings than in 2022.
Evgenia Ruzhitskaya, commercial director of the construction company BASIS-SPB: “We really see a decrease in the volume of supply – fewer projects are being put on the market. It should be borne in mind that in 2022 there was a certain surge and there were completely different purchase drivers. We completed the White Island project in 2023 and the market situation is rather positive for us: there is less competition. And the driver for the purchase is the obvious advantage in the form of readiness of the residential complex with a guaranteed level of quality of life.”
The second trend is the growing demand for business class real estate
In the secondary market, after a slight decline in early 2024, demand revived in February. For most clients, one of the incentives to purchase an apartment is investment and sale of available funds, because real estate is a guarantee of investment reliability. Especially if you invest in an attractive liquid object.
Also, as Est-a-Tet experts note: buyers are primarily interested in fresh and renovated secondary products. Such projects include the residential complex Bely Ostrov.
Other drivers of apartment purchase are preferential mortgage programs (family and IT mortgages).
Evgenia Ruzhitskaya: “We see increased interest in our newly implemented facility. Transactions are continuing steadily. And the sustainability of demand is ensured by family and IT mortgages. These programs allow you to get a significant amount at a good percentage, and our clients actively use these programs.”
Experts predict that in 2024, the supply in business class will decrease: There will be fewer new projects coming out, and the assortment will be washed out in the housing under construction. But with the stability of demand for a high–quality business class, a favorable situation will arise for projects that have just been implemented and for projects that are in the final stage of construction.
Источник: www.bsn.ru
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