In new buildings in the Moscow region, 44.5 thousand houses and apartments in 216 projects are currently offered for sale. The majority of them (45.5% or 20.23 thousand apartments) are in an unfinished state (+20.2% in the last six months). This is stated in a study by the companies Ferro-Stroy and Metrium (available from socialbites.ca).
While 4,870 flats are sold with white box coating (10.9% share), 19.4 thousand flats are sold with thin coating (43.6%).
Over the past six months, the market for new buildings in the Moscow region began to be dominated by options without finishing (+5.5 points), while housing with fine finishing fell to the second place in the supply structure (-5.9 points). At the same time, the share of options with a white box remained almost unchanged. In the projects launched in April-June in the Moscow region, only 11.4% of the lots were provided with finishing, 22.6% of new projects had a white box, and 66% of new product lots were offered without finishing.
“Developers are looking to make housing more affordable by eliminating the finishing process. Unfinished housing options are especially important in an environment of rising mortgage rates and curtailed government programs. However, there are also more affluent customers who can at least leverage and afford finishing options from developers, which are always more economical than similar do-it-yourself repairs,” said Grigory Vaulin, managing partner of Ferro-Stroy Group Companies and EVRAZ CELIK.
The study was conducted in August 2024.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.