The volume of transactions with new buildings in megacities decreased by 25% by the end of 2024

In 2024 compared to 2023, the volume of transactions with new buildings in megacities decreased by 25%, to 270 thousand. In total, more than 13 million square meters of new housing was sold, which is also a quarter less than a year earlier. This was reported to "Izvestia" on January 20 by analysts of the service "Pulse of Sales of New Buildings" and "Yandex Real Estate".

"The least sensitive to the changed market conditions were the megacities with the highest price of "square" in the primary market - Moscow, St. Petersburg and Kazan (-16, -14 and -13% respectively). We attribute this to the fact that in the capital cities the market of new buildings is maximally diversified: in Moscow, the share of business and elite class lots in new buildings is more than 65%, in St. Petersburg - more than a third of all offers, in Kazan - about a quarter. In these cities there is less influence of preferential mortgage programs, and therefore the reduction in the volume of transactions in affordable segments is offset by continued activity in business and elite classes," - explained "Izvestia" commercial director of "Yandex Nedvizhimosti" Evgeny Belokurov.

In Moscow and Kazan for 2024, the decrease in the volume of sold square meters in new buildings (-13 and -9%, respectively) was lower compared to the reduction in the volume of transactions, indicating that buyers purchased apartments with a larger area on average than a year earlier. In St. Petersburg, on the contrary, the reduction in the volume of purchased "squares" in new projects was more significant than the reduction in the number of transactions, indicating that buyers from the Northern Capital purchased apartments with smaller meters on average than in 2023.

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"The volumes of planned commissioning in 2025 correspond to the level of 2024, but the volume of new construction is certainly lower. The reduction in new construction is already underway, which is good for sales as it reduces the risk of a glut in the next few years. If we talk about sales in 2025, then with the current policy of the regulator and exchange rates, we can cautiously assume that at the end of the year we will see a decrease in the volume of transactions within 20%", - said Artem Sovetnikov, head of the service "Pulse of Sales of New Buildings".