Increase in transactions with luxury new buildings in Moscow by 60% per year

Increase in transactions with luxury new buildings in Moscow by 60% per year
At the end of 2023, the total sales volume in the segment of luxury new buildings in Moscow for the year amounted to 1.45 thousand transactions totaling 208 billion rubles, which exceeded the figures for 2022 by 58% and 76%, respectively, analysts note.
The supply volume on the luxury new buildings market amounted to about 3.3 thousand lots, which is 32% more than at the end of last year. In terms of area, the supply amounted to 462 thousand square meters. m (+30% compared to the end of last year).
A significant annual increase in the total volume in rubles, according to analysts, was achieved, among other things, due to the fourth quarter of 2023, when transactions worth 77 billion rubles were concluded. This became a record figure for the volume of transactions for the quarter in rubles in the entire history of the luxury housing market; the previous record recorded in the fourth quarter of 2021 was exceeded by 2%. In addition, the figure exceeded the value of the third quarter of 2023 by 13% and the fourth quarter of 2022 by 205%.
At the end of 2023, transactions were completed to purchase large lots on the market and penthouses.
This year, against the backdrop of continued instability in the economic situation and a high key rate, a correction in the plans of developers is observed: as a result of a shift in plans for the launch of new projects, about 15 new projects are planned to be launched by the end of the year. Demand in 2024 will remain at a fairly high level due to increased absorption of the deluxe market. Moreover, unlike the mass segment, changes in the conditions of preferential mortgage programs have little impact on luxury housing, experts say.
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