Inflation in square meters
CIAN analysts have calculated that the average cost of a living space in Moscow which occupies 57.4 square meters has risen in price by 1 million and amounted to 12.5 million Russian rubles, thanks to which the total profit of intermediaries has also grown, Forbes reports.
According to the information provided by “Best-novostroy” real estate agency, about 4,200 lots are sold monthly in old Moscow regions, and 1,900 in new ones. This is less than the year before, but enough for stable profit growth due to commissions. Over the year, developers received almost $564 billion.
The price for apartments in new buildings have risen by 7-10%, according to Est-a-Tet. As a rule, accommodation units’ price remains the same, while apartments become more expensive. Prices for living space in the territories recently included in the borders of Moscow have increased by 11%, said representatives of the Metrium company. According to the director of City – XXI Century Maria Mogilevtseva-Golovina, the price surge happened due to a decrease in supply by 20%.
Despite the significant escalation in the cost of housing, market players claim that real estate hasn’t lost its investment attractiveness. So, according to the company “Best-novostroy”, the number of apartments purchased to boost or save money grew by 13%. The organization is sure that this happened due to the competent pricing policy of the developers.
With the decrease in the cost of living space, its size also diminishes. According to CIAN study, a similar trend can be seen not only in the capital, but also in the regions. For example, apartments have decreased by 16 square meters over the past ten years.
Many real estate agencies note the interest of clients in landscape design, the possibility of renovation from the developer, as well as the presence of a developed infrastructure.
CIAN analysts also noted that 50% of sales revenue was concentrated in the hands of ten developers, which is 2% more than in 2019.