Tuesday, April 16, 2024
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Tashkent

Supply down by 3%

(+23%) Suburban Elite Properties in Moscow • Apr-Jun 2021/20

From April to June 2021, the number of suburban real estate transactions in the Moscow region, considering elite class property only, increased by 23% compared to the same period of the previous year. About 49% of all transactions were sales of cottages, 31% townhouses, 20% land plots.

Since the beginning of the year, the number of transactions in the sector is up by 63%. Moving to home offices during the pandemic and maintaining this mode even after restrictions are lifted speaks in favor of a suburban lifestyle. In a situation where one doesn’t need to visit the office every day, suburban real estate looks more attractive than an apartment in the city.

The current conditions encourage buyers to be more selective in choosing such suburban properties in locations with more developed infrastructure. Therefore, the demand is rising while the low volume of liquid supply acts as a deterrent.

The volume of supply in the primary market has been declining since 2018 due to the lack of new projects. In the period under review, the volume of supply in the primary market decreased by 31%, to 325 lots only, while some 85% of the actual supply was from the secondary market. The total supply since the beginning of 2021 reached 2 135 lots, down by 3% year-over-year.

The number of households becoming owners of new elite class houses in the suburban area of Moscow is one of the key factors shaping the demand for premium and high-end furniture (including outdoor) in the medium term.

We are tracking this indicator more closely within our extended Market Reports.

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