Experts explained the sale of building plots by developers
The sale by developers of land plots that were purchased for construction is most likely due to the need to increase liquidity and service debt obligations. Anna Danchenok, director of Yakov & Partners, head of the construction and development practice, told Izvestia.
"It is quite likely that these plots were purchased using borrowed funds and developers in conditions of high interest rates decided to reduce the overall level of credit burden by selling part of their land assets. Taking into account the cost of project financing and the situation in sales, now it is inexpedient for developers to launch a large volume of new objects", - she explained.
According to her, that is why developers can quietly sell part of the land and improve their financial situation. Perhaps, someone in anticipation of lower sales volumes will try to earn money on the high rate on deposits, the expert believes.
In the current economic situation, it is quite natural for developers to put their assets up for sale, but the trend cannot be called absolute, Olga Khasanova, General Director of URBAN real estate projects, told Izvestia.
"While some market players are getting rid of sites, others are actively buying them up. For example, the Glorax company is moving to more and more aggressive expansion in the regions (Tula, Murmansk, Yaroslavl, Omsk, Leningrad Region), Krasnodar Dogma became the owner of 8 hectares of land in the Moscow district of Moskvorechye-Saburovo and is interested in the industrial zone "Avtomotornaya", Element Development acquired from LSR Group almost 10 hectares on Vasilievsky Island in St. Petersburg, Etalon Group bought 35 hectares in St. Petersburg agglomeration", - said the business representative.
According to her, we can talk about redistribution of the land fund.
Read more in the exclusive material "Izvestia":
Land, goodbye: developers have started to sell plots bought for building development
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