Over the month, the volume of sales on the primary housing market in Moscow increased by 36%. Analysts from the real estate agency Dolgov PRO told Izvestia about this.
The Central Bank’s increase in the key rate significantly affected demand – many buyers who received approval for a mortgage began to enter into transactions immediately after the rate increase, analysts said.
According to analysts, the sales leader was the Northern Administrative District of the capital, where 18% of all transactions on the primary market were registered.
Experts also reported that during the first half of this year, the most sold lots were comfort-class apartments, but since July, the demand for business-class projects began to significantly prevail: in August, 46% of all transactions within Moscow before its expansion were for lots in this segment . The share of the sold volume of comfort class housing was 38%.
“In August, the average cost of a sold lot in Moscow increased by 4% and was fixed at 402 thousand rubles per 1 sq. m. m, and the average area was set at 47 sq. m,” the experts said.
In the Moscow region for the same period, sales dynamics amounted to +36% compared to the previous month, analysts added. The cost of the sold lot has not changed and continues to remain at the level of 179 thousand rubles per 1 sq. m. m, and the average area is 42 sq. m.
“We have recorded a rush for primary market lots comparable to March 2022. Obviously, after a sharp surge in sales, a period of stagnation will follow, however, even with fluctuations in the key rate and an increase in the initial mortgage payment, apartments in new buildings will remain more attractive than secondary housing due to the availability of preferential mortgage programs and profitable promotions directly from developers. Already in the first two weeks of September it is clear that demand remains at a high level. If this pace continues, then by the end of the month we can expect at least 4.5 thousand transactions in the primary market of the Moscow region,” said the company’s general director Dmitry Dolgov.
At the same time, earlier in September, the Etazhi company told Izvestia that over the last month the average price per square meter of new buildings in Russia showed a record growth rate since the beginning of 2023.