Moscow Luxury Real estate market Overview

The supply increased to 3,225 lots (+6% for the quarter and +36% for the year), but the supply growth rate decreased from 15% to 6%. The total volume of supply amounted to 454 thousand square meters (+6% for the quarter and +32% for the year);

·         Decrease in development activity in Q3 2023 – start of 4 projects;

·         The weighted average price in the elite market as a whole showed an increase of 9% in the quarter to 1,599 thousand rubles / sq. m, over the year the price increased by 13%;

·         In the premium class, the indicator amounted to 1,021 thousand rubles per square meter (+5% per year), in the deluxe class, an increase to 2,462 thousand rubles per square meter (+12% per year); 

· Due to the volatility of the exchange rate, real estate with prices in terms of dollars has fallen significantly in price, which made it possible to reorient part of the target audience of luxury housing from purchasing real estate abroad to the domestic market;

·         Demand recovery compared to previous quarters: in the 3rd quarter of 2023, 437 transactions were concluded in the primary luxury housing market in Moscow, which is 54% and 157% higher than in the 2nd quarter of 2023 and the 3rd quarter of 2022;

· In 1-3 quarters of 2023, the elite market as a whole has seen an increase in the number of transactions by 26% compared to 1-3 quarters of 2022: a total of 925 lots per 110 thousand square meters were purchased (+24% compared to 1-3 quarters of 2022). Real estate was purchased for 122.9 billion rubles (+31% compared to 1-3 quarters of 2022);

·         The total number of transactions for 2023 already exceeds the total volume of demand for the whole of 2022;

· The indicator of the weighted average unit cost of 1 sq. m of the purchased lot increased significantly – on average to 1.11 million rubles, which is 5% higher than in 1-3 quarters of 2022;

·         Among the areas in demand in 2023, Khamovniki (30%), Presnensky district (21% of transactions), Khoroshevo-Mnevniki (19%) are leading in terms of sales in the premium class;

·         Tverskoy district (33%), Khamovniki (25% of transactions), Yakimanka (9%) are the leaders in terms of sales in the deluxe class in 2023.;

·         The best-selling projects in 2023 are premium class projects: the new Luzhniki Collection complex in Khamovniki from Absolute Premium, premium queues of the residential complex "Ostrov" from Donstroy, the residential complex "Badaevsky" in Dorogomilovo from Capital Group;

·          The deluxe class is the most popular: Vesper Tverskaya from Vesper, as well as the new Donstroy project "House XXII" in Khamovniki, the Obydensky No. 1 club house in the Ostozhenka area from Smirex-Inteko, "Russian Seasons" in the Zamoskvorechye area from the Screen shopping center, Lavrushinsky residential complex in the Yakimanka area from Smirex-Inteko.