Moscow's primary luxury real estate market

2024 year

By the end of 2024, the total number of offers on the luxury new building market amounted to 3,935 apartments and apartments, which is 14% more than in 2023. The total supply of deluxe and premium class real estate amounted to 576 thousand square meters, which is 23% higher than in 2023. The supply volume has been gradually increasing over the past 3 years relative to the minimum of the 1st quarter of 2022, when the total market volume decreased to 280 thousand square meters after record demand in 2020-2021. Active supply growth continued until the end of 2024: thus, according to the results of the 3rd quarter, the indicator increased by 11% per quarter, reaching a record 596 thousand square meters, which is 25% higher than the record supply volume in 2019 - in early 2020. Nevertheless, by the end of 2024, the indicator decreased by 3% in the quarter amid strong demand.

Table. Summary indicators of the exhibited offer in the primary luxury housing market in Moscow

Chart. Dynamics of the total supply volume by class, thousand square meters. m

Among the new projects in the deluxe class:

1st stage of the Frunzenskaya Embankment residential complex from Sminex in Khamovniki, Nikitsky 6 residential complex from R4S in the Arbat district, Annabel's from Palladio Group and Imperium residential complex from Vesta Development in the Ostozhenka-Prechistenka location, Phantom residential complex from Sense Development in the Meshchansky district, Buloshnikov Mansion from City-Invest" in Presnensky district and the Friday 37 townhouse complex from Hitech Development in Zamoskvorechye. In addition, sales of 2 more complexes have started at closed sales in the locations of Ostozhenka and Patriarch's Ponds.

Sales of 6 projects started in the premium class, including:

LCD Tishinsky Boulevard from Sminex in the Presnensky district of Moscow, Vesper Kutuzovsky in Dorogomilovo, LCD Tatarskaya 35 from Donstroy, LCD Sadovnicheskaya 69 from the new developer Balchug Estate, Mont Blanc from Gals Development – all in Zamoskvorechye, as well as LCD Springs with apartments with finishes from the new developer UNIQ Development in Fili- Davydkovo. In addition, in the subclass, the offer was supplemented with a new premium line "Island-7" from Donstroy in Khoroshevo-Mnevniki.

The main decrease in volume for the quarter was due to the deluxe subclass, in which, by the end of the year, 1.3 thousand lots were on offer (+37% for the year and -9% for the quarter) for a total of 249 thousand square meters (+42% for the year and -8% for the quarter). A record figure in terms of supply in the subclass for the entire period was recorded at the end of the 3rd quarter - 270 thousand square meters. m.
In the luxury market as a whole, the share of the deluxe class increased from 37% to 43% by the end of 2024.
By the end of 2024, 2.6 thousand lats (+5% for the year and -2% for the quarter) for 327 thousand square meters (+11% for the year and +1% for the quarter) are on sale in the premium subclass.

Since the beginning of 2024, 15 new premium and deluxe class projects have been released on the primary luxury real estate market in Moscow (excluding 4 complexes that were withdrawn from sale by the end of the year) for 325 thousand square meters. m. The number of new complexes is 32 lower than in 2023.%:

The largest number of projects accounted for the deluxe class, which launched sales of 9 new complexes for 78 thousand square meters of housing. Among the largest projects are the 1st stage of the Frunzenskaya Embankment residential complex from Sminex for 36.3 thousand square meters of housing, the Phantom residential complex from Sense Development in the Meshchansky district for 14 thousand square meters, Nikitsky 6 from R4S in the Arbat district for 12 thousand square meters.
Since the beginning of the year, 6 complexes for 250 thousand square meters have been released in the premium segment, and new lines of projects for sale have also started. The largest new projects in the premium residential complex are Vesper Kutuzovsky in Dorogomilovo on 85 thousand square meters, as well as Tatarskaya 35 from Donstroy on 57 thousand square meters, Tishinsky Boulevard from Sminex in Presnensky district on 41 thousand square meters.

By the end of the year, 110 residential and apartment complexes were on sale in the primary luxury residential real estate market in Moscow, compared to 102 a year earlier. The share of complexes with less than 10 lots on sale increased from 32% to 38% over the year. Lots were most actively leaving the market in the 4th quarter of 2024. In general, about 55% of the lots have already been sold in the projects.

Chart. Dynamics of new elite projects entering the Moscow market, pcs.

Table. A new offer on the primary luxury housing market in 2024

The main project launch period was in the 1st quarter of 2024. At the end of the year, there were significantly fewer new projects, which was due to stricter conditions for obtaining project financing against the background of the high Central Bank rate faced by developers. Taking into account the new queues that have been released, the total design volume of the complexes in 2024 is 423 thousand square meters (3.3 thousand lots). Among the announced new offer, 99% of the lots are apartments. Most of the lots are represented in premium class projects (87%). The largest number of new lots will appear in Zamoskvorechye (29% of lots), Khoroshevo-Mnevniki (22%) and Dorogomilovo (20%).

Chart. Distribution of the proposal by construction stage, %

Developers continue to withdraw lots for sale in pools, keeping some of the lots in reserve: for example, among the unrealized volume of apartments and apartments, only 43% of the lots are for sale, while 57% are held in reserve by developers.

In 2024, the active development of sites and concepts continued. Despite the tightening of conditions, some projects are still planned to be released in the next 1-1.5 years. However, against the background of continuing high rates and the above-mentioned difficulties of development, a decrease in the activity of developers in terms of launching new projects is expected in 2025. As a result of the shift in plans for the withdrawal of new projects by the end of 2025, it is planned to release no more than 8-12 new projects.

The share of the finished product offer decreased from 27% to 22% over the year. 14% of the lots are presented with white box trim, as they were a year earlier. 64% of apartments/apartments are sold in the "without finishing" condition (+4 percentage points per year).

The main market share is still represented in the complexes at the initial stage of construction (excavation/foundation) - 41% of the lots. A year earlier, there were 38% of offers at the initial stage. The share of lots in ready-made complexes decreased to the level of 15%, despite the fact that previously the indicator was stable at the level of 20%.

In the premium class, against the background of the release of new projects, most of the lots on sale are still at the initial stage of construction - 41% of the lots. At the same time, against the background of active demand, supply in built complexes is being washed out (from 21% to 16% per year).
In the deluxe class, due to the active release of new projects, the majority of lots in the complexes are at the excavation/ foundation stage – 41%.

Chart. Distribution of the elite offer for sale by area, %

Against the background of the growing share of the deluxe offer, the overall balance of the lots on sale has also been adjusted over the year. Compared to the situation a year earlier, the share of lots from 100 to 300 square meters increased from 54% to 62%. In particular, the share of the most popular area range of 100-125 square meters has increased. m from 15% to 17%. The share of lots is up to 100 sq. m. m decreased from 42% to 33%.

Despite the launch of new projects in the premium class, the average lot area increased by 6% over the year: from 119.3 sq. m to 126.1 sq. m.

The deluxe class also saw an increase of 4% over the year, from 179.4 sq.m. up to 185.7 sq. m.

In the supply structure, the main volume is traditionally represented in the Central Administrative District: the share of the Central Administrative District increased over the year from 70% to 74% of the total area due to the release of new projects. In general, the leading districts in the elite market in terms of supply are Presnensky District - 24%, including the Moscow City Exhibition Center, and the maximum share is accounted for by projects such as Life Time from Smirex, Dom Dau from Sum of Elements Group, Tishinsky Boulevard, Sky View, the Oko Tower. Khamovniki followed with a 14% share in the top districts due to the projects Frunzenskaya Embankment, Luzhniki Collection, Le Dome, Allegoria Mosca and Dom XXII. The Zamoskvorechye district took the 3rd place, displacing the Yakimanka and Tverskaya districts, due to new projects - 11%, where the largest number of apartments are for sale in the Tatarskaya 35 residential complex from Donstroy, Russian Seasons, A.Residence, Mont Blanc, Quartier D'or. The 4th place, as a year earlier, is occupied by the Tverskoy district (10%) due to the Nicole residential complex, Kamerger, Ilyinka 3/8, etc.

In terms of the number of lots for sale in Moscow as a whole, the following projects are leading: the Life Time residential complex in Presnensky district (8%), Dom Dau residential complex in Presnensky district (6%), Tishinsky Boulevard residential complex (6%), Tatarskaya 35 (5%), the deluxe Nicole project in the Tverskoy district (5%), "Badaevsky" in the Dorogomilovo district (5%), the deluxe-class residential complex "Frunzenskaya Embankment" in the Khamovniki district (4%), etc.

Chart. Distribution of the elite offer for sale by districts, %

Price situation

In 2024, the average prices of exhibits in the primary market of Moscow continued to rise. Over the past year, offer prices have been actively increasing in almost all projects, which was due to both high demand, the release of new offers in popular locations, and the expansion of sales tools (a variety of programs installments). The deluxe subclass continues to have a high impact on the weighted average price in the luxury market as a whole, both due to an increase in the share of the subclass in the total supply, and due to a steady increase in prices in the segment. It is worth noting that installment programs in the deluxe class are in high demand among buyers due to the opportunity to enter the project at a minimum cost due to a low initial payment and increase funds while maintaining a high key rate.

By the end of 2024, the weighted average price of an elite offer in the primary market was 1,960 thousand rubles / sq. m, which is 25% higher than in 2023. The weighted average cost of 1 sq. m of luxury real estate in dollars at the end of the year was about $19.2 thousand, which is 11% higher than at the end of 2023.

Chart. The dynamics of supply (units) and the weighted average price (thousand rubles/sq. m)

Weighted average offer price by subclass:

Deluxe

In the deluxe segment, the weighted average cost reached 2,867 thousand rubles/sq. m, an increase of 2% over the quarter and 14% over the year. The high price level is maintained due to expensive new projects and against the background of continued demand in the subclass and through the active use of installment payment programs.
The share of lots in the deluxe subclass displayed in foreign currency is 5%. Against the background of exchange rate volatility, the dollar value in the subclass was $28.1 thousand/sq. m, an increase of 2% over the year.

Premium

A steady increase in the weighted average price was also observed in the premium segment, where the indicator increased to 1,269 thousand rubles per square meter, which is 27% higher than a year earlier. An active increase in prices occurred more massively in high-demand projects in the 4th quarter of 2024, which was also due to an increase in the share of installment transactions.
In the premium segment, the offer is mainly in rubles (97%). In terms of dollars, the annual average increased by 13% to $12.4 thousand/sq. m.

Table. Summary price indicators of supply in the primary luxury housing market in Moscow

Developers adhere to the previously established pricing plan for facilities and moderately increase prices in projects as part of an increase in their construction readiness and an increase in the share of installment sales (the cost of installments can partially be offset in the total cost of the lot).

Price correction is maintained through the introduction of promotions and discounts in some projects, mainly in the premium class (up to 20% discount with 100% payment).
For 42% of the complexes on sale, prices in the 4th quarter did not undergo major changes, and the dynamics of the weighted average price in the project depends on structural changes in the sale.
In 58% of complexes, the weighted average price continued to increase over the quarter due to higher prices for certain lots and as construction readiness increased.

Chart. The dynamics of supply (units) and the weighted average price (thousand rubles/sq. m.) in Moscow by class

Chart. Distribution of the elite offer by value, %

The average cost of an elite lot on sale in 2024 was 287 million rubles, an increase of 35% over the year, due to structural changes in supply and an increase in the share of supply and prices in the deluxe class, where the average cost was 533 million rubles (+18% over the year). The main share of lots on sale is still represented in the range of 50-85 million rubles per lot - 15%, while over the year the share of the range decreased from 22%. At the same time, the share of lots worth more than 100 million rubles increased over the year.

The distribution in the premium class is similar to the general distribution: the main share of the offer is represented in the budget range of 50-85 million rubles (22% versus 29% a year earlier).
In the deluxe class, due to exclusive apartments and large-area apartments, the share of ultra-expensive lots worth more than 400 million rubles remains high: over the year, their share increased from 34% to 46%.

MAP. Distribution of elite supply in the primary market by districts

The highest weighted average cost among Moscow's subdistricts is observed in the Ostozhenka-Prechistenka area – 3,541 thousand rubles per square meter (due to the projects Le Dome, Carre Blanc, Obydensky No. 1 clubhouse), as well as in the Tverskaya area – 2,994 thousand rubles / square meter. m and in the location of Patriarch's Ponds – 2,816 thousand rubles per sq. m .

Among the districts as a whole, over the past year, the largest increase in the weighted average offer price occurred in the Arbat district, where the weighted average price reached 2,613 thousand rubles / sq. m (+92% per year) due to the release of new deluxe class projects (Luce in 2023 and Nikitsky 6 in 2024). Dorogomilovo is in 2nd place with 1,390 thousand rubles / sq. m (+31%), due to rising prices in the Badaevsky residential complex and the new Vesper Kutuzovsky project.

In the premium class, the most expensive prices in Khamovniki are 2,263 thousand rubles / sq.m. m and in the Meshchansky district – 1,701 thousand rubles / sq. m. The largest increase in weighted average prices by district occurred in Khamovniki (+92%), Zamoskvorechye (+55%), Dorogomilovo (+31%), Presnensky district (+28%), Danilovsky district (+25%).
In the deluxe class, the most expensive prices are also in Khamovniki, where the weighted average is 3,198 thousand rubles /sq. m., and in the Tverskoy district – 3,107 thousand rubles /sq. m. The largest increase in weighted average prices by district was observed in the Arbat district (+71%), Khamovniki excluding Ostozhenka-Prechistenka (+32%), in the location of Chistye Prudy (+28%) and in the Tver region (+20%).

Demand

Throughout 2024, demand in Moscow's primary luxury real estate market remained at a high level compared to 2022-2023, with the highest market activity traditionally recorded in the 4th quarter. High demand for luxury real estate remains against the background of the desire of buyers to save capital or invest in an understandable and high-quality product. In addition, there are many installment payment programs on the market that allow buyers to choose the most interesting entry conditions for themselves.

In the primary luxury housing market in Moscow, including projects outside the Central Administrative District and on the territory of the Moscow City Shopping Center, 775 transactions were completed in the 4th quarter of 2024, which is 57% higher than in the 3rd quarter of 2024 and 41% more than in the 4th quarter of 2023. The total area of lots purchased during the quarter was 88.3 thousand square meters, which is 51% higher than in the 3rd quarter of 2024 and 31% more than in the 4th quarter of 2023.

The largest increase in the number of transactions occurred in the deluxe class: an increase of 84% in the quarter and 15% higher compared to the high figure of the 4th quarter of 2023 - up to 160 transactions, which is a record sales figure for the quarter.
The Premium class showed a 51% increase in transactions over the quarter and a 50% increase compared to the 4th quarter of 2023, to 615 transactions per quarter.

The total amount of transactions for the 4th quarter of 2024 amounted to 125 billion rubles, which is a record figure for the volume of transactions per quarter in rubles in the entire history of the elite market. Moscow. Thus, the indicator exceeded the previous record period of the 4th quarter of 2023 by 40%.

Chart. Dynamics of the number of transactions (units) and weighted average unit prices of transactions (thousand rubles/sq. m.) in the elite market of Moscow as a whole

Table. Summary indicators of transactions in the primary luxury housing market in Moscow

Chart. Dynamics of the number of transactions (units) and weighted average unit prices of transactions (thousand rubles/sq. m.) by subclasses in Moscow

The demand indicator for 2024 in the elite market as a whole showed a 39% increase in the number of transactions compared to 2023: a total of 2,146 lots for 246 thousand square meters were purchased during the year (+30% by 2023). The total value of purchased real estate in the primary luxury housing market has also reached a record high: 319 billion rubles (+44% compared to 2023). A significant increase in the total volume in rubles over the year was achieved, among other things, due to the high indicator of the 4th quarter of 2024. At the end of the year, large lots and penthouses were acquired.

The largest increase in the number of transactions over the year occurred in the premium class, an increase of 48% compared to 2023 to 1,769 transactions per year.
Nevertheless, the deluxe segment showed a record number of transactions per year in its history: 377 transactions (+8% compared to the high figure of 2023). The price index is 6% higher than the previous "record" in 2021.

Table. Summary indicators of transactions in the primary luxury housing market in Moscow

Chart. Annual dynamics of the number of transactions (units) and weighted average unit prices of transactions (thousand rubles/sq. m.) in Moscow

Chart. Distribution of the number of transactions by month in Moscow, units per month %

December (13% of transactions per year) and November (12% of transactions) were the most active in terms of the number of completed transactions, while January was traditionally the least active month (4% of transactions).

The majority of transactions for the year were equity participation agreements – 87% of transactions, more than 80% of transactions were carried out in installments.

The key rate of the Central Bank remained unchanged during the first half of 2024, amounting to 16%, the share of mortgage transactions in the elite segment (due to pre-millium) was at a low level, amounting to less than 5% of transactions on long-term loans (against 14% in the first half of 2023 at a rate of 7.5%).
In the second half of 2024, the key rate increased from 16% to 21%, and the share of mortgage transactions decreased to an average of 1-3% (compared to 10% in the 4th quarter of 2023).

In 2024, apartments were traditionally in the highest demand, accounting for 86%, while apartments accounted for 14%. The share of apartments in the deluxe class is 82%, in the premium class – 86%. Over the past year, there has been a decrease in the share of apartment sales in total demand from 24% in 2023. In absolute terms, there was an 18% decrease in apartment sales over the year, to 300 lots.

The average area of the lot in demand in 2024 was 114.6 square meters. m. Compared to 2023, there was a decrease of 6%, which was due to an increase in the share of transactions in the premium class.

The structure of demand by area has undergone small changes compared to the situation a year earlier. In 2024, the share of transactions in the most sought-after area range of 100-125 square meters increased (from 15.5% to 16%). The range of 70-85 sq. m has significantly strengthened its position (2nd place in demand and an increase in the share from 14.5% to 15%).

In the premium class, the most popular among buyers were lots with an area of 100-125 square meters (an increase in the share from 16% to 17% per year), 70-85 square meters (17%) and further the range of 125-150 square meters (14% of transactions).
In the deluxe class, the largest number of transactions is in the range of 125-150 sq. m. m – 16%. In 2nd place in terms of the share of lots with an area of 100-125 square meters – 13% and 150-175 square meters – 12%.

Chart. Distribution of demand in the luxury market in 2023-2024 by area, %

Against the background of rising prices in projects, the weighted average cost of 1 square meter of the purchased lot increased significantly – to an average of 1.4 million rubles in the 4th quarter of 2024, which is 7% higher than in the 4th quarter of 2023. The weighted average cost of 1 sq. m of the acquired lot in 2024 as a whole amounted to 1.3 million rubles / sq. m (+11% for the year).

The average budget of the transaction in 2024 was about 148.6 million rubles, which is 4% higher than in 2023.

In the elite market as a whole, in 2024, the main share of transactions was concluded in the budget of 50-85 million rubles – 27% of transactions (over the year the share decreased by 1 percentage point, the average area of the purchased lot was 85.5 square meters. m). In second place is the range of 25-50 million rubles, the share of which decreased from 19% to 13% over the year% (the average area of the purchased lot was 59.4 sq. m). At the same time, the share of sales of lots worth more than 100 million rubles increased: from 44% a year earlier to 50% in 2024.

Chart. Distribution of the number of transactions (units) by lot type in the elite market in Moscow, %

Chart. Distribution of demand in the luxury market in 2023 by budget, % and average lot area, sq. m

The main demand in 2024 traditionally fell on projects in the Central Administrative District, which showed an increase in transactions, and the zone's share in the demand structure was 58%. In 2024, 1,297 transactions were concluded in the Central Administrative District, which is 24% higher than in 2023. The total area of lots purchased in the Central Administrative District was 149.0 thousand square meters (+21% compared to 2023), and the weighted average transaction price for the year was 1.5 million rubles per square meter (+16% by 2023).

Chart. Dynamics of the number of transactions (units) and average unit transaction prices (thousand rubles/sq.m) in complexes in the Central Administrative District

Against the background of the release of new projects, the share of transactions outside the Central Administrative District increased to 41%. The number of transactions in the zone in question was 823, which is 93% more than in 2023. In absolute terms, the total amount of land acquired during the year in the zone in question amounted to 94.5 thousand square meters (+57% compared to 2022).

The sales rate of premium lots in the territory of the Moscow City Exhibition Center remains at a minimum level: the share of the zone decreased to 1%. The total volume of transactions in the Moscow City MMDC amounted to 2.5 thousand square meters. m. The decrease in the share of transactions in the area is due to a reduction in the remaining supply in skyscrapers and the lack of a new supply in the location.

In 2024, in terms of the territorial structure of sales by district, Presnensky district rose to 1st place in the rating from 2nd place in 2023 with a share of 20% of square meters sold in Moscow and a share of 20% of the total number of lots sold. The district took a leading position in the rating due to apartment sales in the residential complex Life Time, the residential complex Tishinsky Boulevard, the residential complex Dom Dau, the Lucky residential complex, as well as in the Sky View apartment complex. In 2nd place, the former leader of the rating is Khamovniki with a share of 18% in the quarter. m and 16% in terms of the number of transactions due to sales in the projects Luzhniki Collection, Frunzenskaya Embankment, DOM XXII from Donstroy, Khamovniki 12 from Coldy. Khoroshev-Mnevniki district moved to the 3rd place - 11% per square meter. m and 11% in terms of the number of lots, due to the sale of lots in the Ostrov project from Donstroy.

In the premium class, Presnensky district accounted for the largest number of sales for the year - 24% of transactions, the weighted average price of transactions reached 1.1 million rubles / sq. m. Khoroshevo–Mnevniki took the 2nd place due to sales of premium queues in the residential complex Ostrov - 14% with a weighted average sales price of about 620 thousand rubles / sq.m. Then Khamovniki – 13% and 1.4 million rubles / sq. m. Moscow and Dorogomilovo – 13% and 1.2 million rubles / sq. m.
In the deluxe class, the largest number of transactions occurred in the Khamovniki district – 29% of transactions, and the weighted average sales price was 2.6 million rubles / sq. m, followed by the Meshchansky district – 18% and 1.5 million rubles / sq. m. Moscow and Yakimanka – 13% and 2.5 million rubles / sq. m, Tverskoy district – 14% and 2.3 million rubles / sq. m.

MAP. Distribution of the volume of sold areas and average budgets for the purchase of sold lots by districts of Moscow, 2024

In 2024, the largest number of deals concluded accounted for projects under construction: Luzhniki Collection (10%) in Khamovniki from Absolute Premium, new premium queues in the residential complex "Island" from Donstroy (10%), the complex "Dom Dau" from GC "Sum of Elements" (5%), LCD "Tishinsky boulevard" (5%) from Sminex and "Badaevsky" from Capital Group (5%).

The most sold projects in 2024 were:

In the premium class: residential complex "Island" from Donstroy (14%), Luzhniki Collection (13%) in Khamovniki from Absolute Premium, "Dom Dau" from GC "Sum of Elements" in Presnensky district (6%), residential complex "Tishinsky Boulevard" in Presnensky district (6%), residential complex "Badaevsky" (6%) in Dorogomilovo from Capital Group, Life Time residential complex from Sminex (6%). In each of these projects, more than 100 deals were concluded in a year.
In the deluxe class, the most popular projects were: "House of Frank" from Transstroyinvest in the Meshchansky district (16%), "Frunzenskaya Embankment" from Sminex (8%), "HOUSE XXII" from Donstroy in Khamovniki (7%), Nicole from MR. Private (7%), as well as the Lavrushinsky residential complex." in the Yakimanka district from Sminex with a share of 6%. Each of the projects sold more than 20 lots per year.

Table. Distribution of the elite offer by area and cost, December 2024, %