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Saturday, June 15, 2024
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Supply up by 8%

(+18%) Suburban High Class Cottages in St. Petersburg • Jan-Dec 2021/20

From January to December 2021, the number of suburban real estate transactions in the Saint Petersburg area, considering high class cottages only, increased by 18% year-over-year.

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 declining volume of liquid supply acts as a deterrent.

The volume of supply in the primary market in the area declines since 2020, although some new projects are still entering the market. In the period under review, the volume of supply in the primary market decreased by 1% in class A, to 281 lots only, while the supply in class B increased by 14%, to 434 lots for sale. A total supply is up by 8% year-over-year.

The number of households becoming owners of new high class houses in the suburban area of Saint Petersburg 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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