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- A cherished fruit: Russians began to buy up luxury housing in the south of the country more actively
A cherished fruit: Russians began to buy up luxury housing in the south of the country more actively
Elite real estate in Sochi is increasingly being bought up by residents of other regions. Izvestia found out thatone third of such transactions are made by those living in Siberia, the Far East and the Urals. In general, the share of buyers of Sochi housing from other regions at the end of 2024 exceeded 90%. These are those buyers who previously took real estate abroad, experts believe. Among other popular destinations were Alushta, Anapa, Gelendzhik, Kaliningrad and Arkhyz. On what attracted Russians elite housing in the south of the country - in the material "Izvestia".
Who buys elite housing
One third of the demand for luxury real estate in Sochi is provided by buyers from the Urals, the Far East and Siberia, market participants told Izvestia. Over the past few years, their share in the volume of demand has grown by 11 percentage points.
In general, the share of buyers from the Krasnodar region at the end of 2024 amounted to only 7%, from other regions - 93%, follows from the analytics of "Ricci. Residential Real Estate" and Mantera Residence.
Most often elite real estate in Sochi is purchased by residents of Moscow and the Moscow region, Novosibirsk and St. Petersburg. 48% come from other regions.
At the same time, the share of demand from Russian cities remote from Sochi is increasing: Vladivostok, Yakutsk, Krasnoyarsk, Irkutsk, Khabarovsk, Tyumen, Yekaterinburg, Magadan and Petropavlovsk-Kamchatsky. Residents of these regions buy almost 30% of real estate.
Those who buy housing here for their own residence, attracted by the sea, climate and developed infrastructure, said the general director of resort real estate agency Golden Brown Group Tatiana Burlakovskaya.
-Investors are attracted by the steadily growing price of real estate, - said the expert. - Thus, despite the 20-25% drop in demand in 2024, the average cost of supply in premium and elite new buildings increased by 5%, exceeding 2 million rubles per square meter. At the same time, penthouses and villas went up in price even more, on average by 10-15%, as Sochi has a deficit of such objects.
Elite real estate and, in particular, resort apartments in Sochi are considered as a reliable investment, especially against the background of instability on the world markets, analysts added. The share of investors among regional buyers in 2024 amounted to 68%, and buyers for themselves - 32%.
According to Tatiana Burlakovskaya, demand has also grown for such destinations as Alushta, Anapa, Gelendzhik, Kaliningrad and Arkhyz.
- And although the premium and elite class market in Arkhyz is not yet formed and is represented by only a few projects, we see a high interest of buyers from all over Russia in this direction. For incomplete two months of 2025 the cost of 1 sq. m. in Arkhyz has grown from 650 thousand to 790 thousand rubles, - she emphasized.
Why buy real estate in the south
Restrictions on the purchase of foreign real estate and the influx of buyers from remote regions has had a positive impact on the overall demand in the segment of premium and elite real estate in Sochi, said Irina Ignatieva, Commercial Director of the group "Mantera".
-In 2024 in relation to 2023 demand grew by 11.6% on average, - said the expert. - Sochi as an all-season resort remains the main alternative not only in terms of various recreation, but also for investment purposes. Today residents of the regions are in demand for service apartments with a profitability program. This format allows owners to receive passive income, minimizing their own participation in the process.
The Russian real estate market looks more reliable and understandable for buyers, added Tatiana Burlakovskaya.
- We expect further increase in buying activity in these locations," she said.
The growing interest in luxury real estate in Sochi and other Russian resort cities, such as Anapa and Gelendzhik, can be explained by several factors, said Valery Tumin, director of Russia and CIS markets at fam Properties agency.
-One of the main reasons is the desire of residents of the northern regions - the Urals, Siberia and the Far East - to move to warmer and more comfortable living conditions," the expert believes. - Sochi, as a resort city with a mild climate, especially attracts those who are tired of harsh winters and cold climatic conditions. Many Russians are considering buying real estate in Sochi not only for summer vacation, but also for permanent residence.
Inaddition, Sochi has become an important center not only for recreation, but also for business meetings , which also attracts owners of luxury properties, he said. At the same time, real estate in other countries is already considered less often.
- It should be borne in mind that real estate abroad often serves as a way for Russians to obtain residence permit or citizenship - reminded Valery Tumin. - Many choose countries with simplified visa procedures, such as France, Spain and Greece. Despite the decline in overall demand for these destinations, real estate in these countries continues to be in demand, as it provides additional benefits.
Also in recent years, there has been a growing interest in real estate in developing countries in Asia and the Middle East. Despite high real estate prices in the United Arab Emirates, Russian buyers continue to actively invest in housing in cities such as Dubai and Abu Dhabi.
Buying real estate in the UAE is often an attempt to make money by reselling it to international investors. People who buy apartments for investment realize that today the economy of the world is arranged in such a way that a huge number of people move to the Emirates from other countries, he said.
The desire of wealthy Russians to have a decent alternative to resort vacations in Europe is not the only reason for the growing demand for luxury real estate in Sochi, although more than 60% of buyers buy it for personal use and recreation, believes Bulat Alimov, deputy chairman of the board of directors of GC "Stilobat" Bulat Alimov.
- But it is also an excellent investment for rental income and further resale, because against the background of high demand and an apparent shortage of supply, prices in the region are growing rapidly, - he said. - Rental volume last season increased in the segment by 25%, while prices rose by 50%.
The tourist potential of the Russian domestic tourism market has not been unlocked, Bulat Alimov believes.
- Last year the tourist flow grew by 5%, and the real estate market is growing along with the tourism market," he said. - This is relevant not only for Sochi and Krasnodar Krai, but also for other Russian regions with good tourist and recreational potential.
Among such regions, the expert named Altai, the North Caucasus, as well as such cities as Kazan, Veliky Novgorod and Nizhny Novgorod.
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