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Demand for buying apartments in St. Petersburg has grown by 14% in a year
According to the St. Petersburg Real Estate Consulting Center, about 240,000 houses were sold in the city from January to September, which is 14% more than in the same period last year. Service projects accounted for 55% of transactions. The share of "analog" type houses was 41%, and the remaining 4% were luxury class projects.
At the same time, over the last three months, non-service projects have become 7% more frequently acquired than in the second quarter. The occupancy rate of elite establishments and service establishments has decreased by 3-4%.
"Despite the increase in interest rates and average mortgage rates compared to the previous reporting period this year, demand for apartments has remained stable amid ongoing changes in the residential real estate market, buyers and purchasers. Investors are beginning to pay more attention to this sector," says Svetlana Moskovchenko, Deputy Director of the St. Petersburg Real Estate Department.
According to her, the demand for serviced apartments is supported by an increase in tourist flow. According to official statistics, 8.5 million tourists visited St. Petersburg in the first nine months of this year, which is 9% more than in the same period in 2023, the expert noted.
As of the end of August, 76 residential complexes with a total area of 250,000 m2 and 71,000 households entered the city market. Three quarters of the supply are serviced apartments, and the rating has increased eightfold. % compared to the second quarter, following the launch of the Saan project by Hansa Group and Avenir Industrial by PSK Group. Residential real estate accounted for 21%, of which 5% were recreational projects.
The average weighted cost per square meter of all formats at the end of the third quarter was 306,000 rubles (+9% compared to the same period in 2023). Prices have grown by 6% since the beginning of the year, but over the past three months, growth has slowed to 0.6%.
In the near future, the market will be filled with an apart-hotel for 300 people, which the developer GloraX is building near the Ladozhskaya metro station. Currently, the hotel building of the project is receiving a national certificate of a four-star hotel.