Secondary housing market collapses in Moscow 10:52

Buyer demand for finished housing (secondary apartments and finished new buildings) in Moscow in June 2024 fell by 28% compared to June 2023.
Rosreestr recorded 11.4 thousand purchase and sale contracts, General Director of Metrium Ruslan Syrtsov told socialbites.ca.

According to him, the number of transactions remained almost unchanged throughout the month.

Syrtsov explained that in the period April-June 2024 only 35.8 thousand trading transactions were registered in Rosreestr (20% less than in the same period in 2023), and in the second half of the year about 66 thousand deals (16% less than in the previous period (first half of 2023).

Russia’s demand has shifted to new buildings. According to Syrtsov, in June Rosreestr registered 10.5 thousand deals for participation in shared housing construction (DDU) – 21% more than in May 2024. Compared to June 2023, the number of kindergartens in Moscow increased by 34%. In the first six months of 2024, developers signed about 45 thousand deals. This is 2% less than in the first half of 2023. But in the second quarter, the number of registered deals on the Moscow housing construction market amounted to 27 thousand. This figure is 7% more than in the same period in 2023.

“In the finished housing market, the demand for apartments in old buildings is now decreasing, but the demand for new and new buildings is increasing. In Moscow, about 40% of the secondary market consists of ready-made housing complexes built in recent years. These are the most popular options, but even more interesting are the offers of developers offering subsidized mortgages and exchanges. Therefore, the structure of the demand for finished housing is changing in favor of developers’ options,” commented Dmitry Golev, commercial director of Optima Development.

Larisa Shvetsova, General Director of River Park LLC, explained that family and IT mortgages have become the driving force of demand in Moscow, and buyers’ activity is associated with the abolition of preferential mortgages from July 1.

Before reportedThe average price per square meter of new buildings in Moscow exceeded 500 thousand rubles for the first time.

Previously It happened We know how many apartments are for sale in Old and New Moscow.

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Source: Gazeta

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