Overview of the Moscow business class new buildings market

1 quarter 2024 year

At the end of the 1st quarter of 2024, 140 business class projects were on sale, while 141 projects were on sale a year earlier;
There are 19,464 lots on sale for a total of 1,265 thousand square meters. m. The dynamics of indicators for the year amounted to -5% and -7%, respectively;
In the 1st quarter of 2024, sales started in 3 new business class projects: "Serebryany Bor Quarter" and "Cosmopolitan" (restart), as well as the project "House 7 Danilovsky" by the developer Coldy, which started on closed sales;
1,364 lots for a total of 75.6 thousand square meters were announced in new projects, and about 15% of this volume is on sale at the end of the quarter;
According to the results of the 1st quarter of 2024, the largest share of supply in new business class buildings in Moscow is at the stage of floor installation (43%). 22% of the supply is at the excavation stage, 21% is at the hull finishing stage, and 14% of the supply is concentrated in the commissioned buildings;
According to the results of the 1st quarter of 2024, the weighted average supply price in the Moscow business class housing market increased by +4% quarter-on-quarter and by +12% year-on-year, reaching 496.8 thousand rubles/sq. m. The current supply balance has the greatest impact on the price situation in the business class segment, the conclusion of more high-quality projects in the business+ subclass, as well as record demand, which was in previous periods;
The Central Administrative District (CAO) remained the most expensive district in Moscow in the business class segment - the weighted average offer price in the CAO district was 555.9 thousand rubles / sq. m (+14% per year);
In the 1st quarter of 2024, demand began to decline, as expected, relative to the last record quarter in terms of demand: 5,501 transactions were concluded during the period (-44% quarter-on-quarter and +45% year-on-year);
The volume of demand in the 1st quarter of 2024 amounted to 333.6 thousand square meters (-43% quarter-on-quarter and +40% year-on-year). Such a correction in demand was expected after the record 3rd and 4th quarters of 2023, when buyers purchased housing on more favorable terms in anticipation of an increase in the key rate and the cancellation of preferential mortgage programs;
Project Urga-leader Urga sale in the 1st quarter 2024: Urga (Dolya from Sprosa - 8%), Isla (Dolya from Sprosa - 6%) and nagatino Urga-Urga (Dolya from sprosa - 5%).