In Moscow, sales of luxury housing increased by 20%

The number of transactions with new buildings of the elite segment in Moscow at the end of the summer (June-August) increased by 20% compared to the same period last year. This was reported by analysts of Barnes International Moscow in the study received by the editorial office.

The company clarified that most of the transactions were carried out at the expense of buyers' own funds. Installments from developers were extremely rarely used, there were practically no mortgage transactions in the elite segment in the summer.

The growth in demand is confirmed by other market participants. "Indeed, a significant increase in sales of luxury apartments in the capital was recorded in the summer. The increase in the number of transactions is due to the increased demand for objects in the CAO and the deluxe segment," said Alexey Chumalov, CEO of Kalinka Russia.

"We expect a number of new projects to be released in the autumn, which will also fuel demand in the market," commented Sergey Bondarenko, head of the urban real estate sales department at Barnes International Moscow, adding that by the end of September, a monthly sales record is expected for the entire history of the company's presence in Russia.

The growth of demand throughout the year is also noted by other market participants. According to Intermark Real Estate, there were 22% more transactions in July 2023 than in July 2022. According to the Kalinka luxury real estate agency, in the second quarter of 2023, the number of transactions in the primary luxury real estate market in Moscow increased by 15% compared to the first quarter. Experts explain the dynamics by a large number of stocks and discounts on the market, as well as the release of new projects. In addition, demand is growing due to the volatility of the exchange rate, analysts add.

The company "Metrium" recently predicted a sharp increase in the introduction of luxury housing in the capital. In 2023, it is planned to complete 22 elite-class projects on the territory of Old Moscow — four times more than last year.