Prices for new buildings in the Central Administrative District of Moscow increased by 25%

The supply of new buildings in "old" Moscow has grown by 7%. At the same time prices in the Central Administrative District (CAO) have grown by 25%, follows from the data of the company "Metrium", which were reviewed by "Izvestia" on December 19. Experts have summarized preliminary results of 2024 on the primary housing market in the capital.

In "old" Moscow in November developers offered 51,5 thousand apartments and apartments against 46,2 thousand in December 2023. In the mass segment the volume of supply remained at the level of 20 thousand premises. In business class it increased from 20 thousand to almost 23 thousand. The most noticeable increase in supply was observed in premium class: from 5 thousand objects in December 2023 to 7 thousand in November 2024. In elite and deluxe segments the supply increased from 1.2 thousand to 1.7 thousand objects. In New Moscow the volume of supply has not changed, remaining at the level of 21 thousand apartments.

"Premium class in the current conditions has become the "golden mean" in the market of capital new buildings. This segment does not depend so much on the growth of mortgage rates, as the share of transactions with the involvement of credit here is traditionally small. A few customers who previously bought apartments on credit, switched to installments, but did not leave the market. In addition, buyers from more expensive elite and deluxe classes are moving to the premium segment. This is due to the fact that many people cannot find suitable projects in these segments", - said Dmitry Golev, Commercial Director of Optima Development.

In the mass segment, the weighted average price of 1 sq. m. in November amounted to 332 thousand rubles against 327 thousand rubles in December 2023. In the business class - 463 thousand rubles per 1 sq. m (in December last year - 440 thousand rubles), in the premium class - 748 thousand rubles per 1 sq. m in November (in December 2023 - 655 thousand rubles), in the elite segment - 2.14 million rubles per 1 sq. m against 1.88 million rubles in December 2023. In New Moscow the average cost of 1 sq. m. amounted to Br250 thousand - for 11 months it increased by 3%.

At the same time, the most noticeable price growth in the market of new buildings was recorded in Central Administrative District. The weighted average price of 1 sq. m. reached 1.6 million rubles, while in December 2023 it was 1.3 million rubles (25% growth). In ZAO the cost increased by 16%, up to Br567 thousand, and in NWAO - by 13%, up to Br515 thousand.

The average area of apartments for sale in Moscow new buildings has remained virtually unchanged, except for business class. In November, the average area of apartments and apartments in this segment amounted to 57.5 square meters, while in December 2023 - 61.6 square meters. m.

"The average area of apartments in business class new buildings in 2024 decreased due to the increased demand for spacious lots. This trend is primarily due to the growing popularity of family mortgages in this segment. Customers with children are in a hurry to apply for a soft loan, fearing the tightening of the program parameters in 2025. In addition, in the past year in the primary market very popular were installments, which are used mainly by buyers with a high level of income", - said the general director of the company LLC "River Park" Larisa Shvetsova.

According to analysts, the deterioration of mortgage lending conditions affected the mass segment market. From January to November, 26 thousand share participation agreements (SPA) were concluded, which is 31% less than in the same period of 2023 (37 thousand SPA). Thus, the demand for mass new buildings in Moscow has fallen by one third. At the same time, the market of high-budget new buildings showed positive dynamics. From January to November 2024, buyers of elite and deluxe housing concluded 580 deals, which is 75% more than in the same period of 2023 (330 deals), in the premium class concluded 5.5 thousand deals against 4 thousand in 2023 (36% growth).

"High demand for high-budget new buildings in 2024 is due to the trends that emerged last year. Economic growth in certain sectors - industry, agriculture, foreign trade, import substitution - has led to the emergence of super profits. Business owners, top managers invest these funds in reliable assets, including Moscow real estate of high price segment", - explained Ekaterina Borisova, the director on development of Rariteco company.

At the same time, in November, the share of transactions involving mortgages amounted to 48%, while in December 2023 - 80%, and in June 2024 - 77%.

"Preliminary results of 2024 show that it has become a year of fracture and transformation of the Moscow new buildings market. Demand lost the main support tool - affordable rates on preferential mortgages, which were the main driver of sales since 2020. In the summer of 2024, the main program of preferential mortgages ended, and the rates on market loans increased," said Ruslan Syrtsov, Managing Director of Metrium.

In his opinion, in 2025, developers will actively develop new sales models, including in connection with the ban on subsidized, tranche and letter of credit loans under the new mortgage standard.

Earlier, November 2, it became known that every third surveyed Russian most comfortable considers "young" secondary housing - real estate, which is 3-10 years old. The comfort of new buildings - up to three years from the date of delivery of the house - noted 23%, according to the results of the survey VTB.