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Demand for luxury real estate is growing in Moscow
After the cancellation of preferential mortgages in Russia from July 1, 2024, the demand for new buildings fell sharply due to the lack of an alternative for those who wanted to use them as a tool for purchasing residential real estate. This led to unsatisfied demand, which began in September of this year. Compared to August, the total number of transactions in Moscow increased by 28% - from 3943 to 5053. At the same time, the study by DolgovPro shows that different real estate sectors saw different dynamics, the results of which are as follows: Gazeta.Ru.
In September, the level of demand for comfort-class projects increased by 16% compared to the previous month: 2,066 transactions were concluded in this sector (283 more than in August).
Analysts of the real estate agency "DolgovPro" recorded almost the same growth in demand in percentage terms in the business and premium segments - +39% and +31%, respectively. The total number of transactions in the business class in September was 2,353 (+660), in the premium class 584 (+139).
In Moscow, demand for luxury real estate is also growing. The number of registered transactions in this residential real estate sector almost doubled to 50 in September, compared to 22 in August 2024. In percentage terms, this number increased by 127%. Today, luxury real estate remains a reliable source for finding stable investments, which is a decisive criterion for many buyers looking for ways to preserve capital against the backdrop of instability in the micro- and macroeconomic environment.
"In the context of worsening mortgage lending conditions, many buyers took a wait-and-see attitude in the summer, observing the development and dynamics of the main indicators of residential real estate. Now demand in the main Moscow markets is gradually recovering. In fact, in September we observed how the market was adapting to the new conditions, and demand for housing was returning to the July level. Moscow developers are stimulating demand for housing by offering favorable and flexible terms of sale, installments and good discounts, as well as introducing various tools for acquiring real estate. By the end of the year, a traditional increase in demand is expected relative to the desire of buyers to invest in residential real estate," predicts Dmitry Dolgov, CEO of the DolgovPro real estate agency.
Vladimir Shchekin, co-founder and co-owner of the Rodina group of companies, notes that last summer there was a significant decline in demand on the market due to the deterioration of mortgage lending conditions.
The share of mortgage-free transactions has grown to 60-80% depending on the project. In the context of incredibly high mortgage rates, we are constantly working on developing new alternative tools, such as various installment and trade-in programs, to make the purchase not only desirable, but also affordable.
"We see that the market is gradually adapting to the new reality. Demand is slowly recovering, while the share of unsecured credit transactions is increasing. Accordingly, in September, the number of transactions executed without a mortgage reached the 2024 peak, reaching 49%. And the results of the first nine months show that the percentage of mortgage-free transactions in Moscow is also quite high - 36%. For the same period last year, it was 27%," says Director Alexandra Mamokhina. Strategic Marketing and Products Level Group.