In the summer of 2023, a record number of transactions were carried out in the luxury suburban real estate segment in Moscow. The newspaper reports this “News”in reference to real estate agency Villagio Realty.
Buyers were mostly interested in plots without a contract with a budget of ₽ 50-70 million rubles or turnkey houses costing up to ₽ 200-250 million rubles. The instability of the ruble and the rise of interest rates to 13% intensified the residential real estate market in Moscow, which also affected the suburban real estate market. Analysts noted that this was influenced by a number of factors that motivate people to invest in real estate to protect their capital, such as rising inflation and mortgage rates, depreciation of the national currency and closed borders.
Analysts state that land prices in the region will continue to increase as of the second quarter of 2023. Alexey Korotkikh, commercial director of Villagio Realty, confirmed in a statement to the publication that the state’s efforts to promote suburban construction and wooden housing construction have led to increased demand for plots and suburban construction of all classes. Experts predict that the demand for luxury real estate will continue until the end of 2023, considering the current economic conditions.
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