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An overview of the luxury housing market of Moscow for the 1st quarter of 2009
By data "Analytical consulting centre MIEL", in the first quarter of 2009, the average specific offer price in the primary market of elite housing amounted 579,5 thousand rubles/ sq m ±3,8% (16402 $/sq. m), quarterly growth of +3,8% (-16,6%).
In the secondary elite real estate market the median unit price was $ 441,2 rubles/ sqm ±1,7% (12729 $/sq. m., quarterly growth +6,4% (-14,4%).
More than half (65,0%) of the proposed apartments on the market of elite new buildings are arranged in complexes, 18,0% — in srednekvadratichnykh homes, 6.9% and 10.1% in low-rise homes and houses of club type.
Analysis of elite real estate supply on the market of new buildings has enabled to confirm the impact of factors such as the quality of accommodation and location on offer price. A large part of the most expensive of the proposals is concentrated in the elite new buildings of the highest class (KP1), the cheapest — in the buildings of the lower elite class (КП3). The most "expensive" areas are still Yakimanka (34.1% of the most expensive proposals and 63.5% of the sentences in the average price group) and Khamovniki (34.7 per cent of the most expensive proposals, 47.3% of offerings — an average, 18% — lower price group).
In the secondary market competition modern housing continue to be the apartment of an old residential Fund ("the Stalin" house, home of the Central Committee, the reconstructed old mansions and apartment houses of XIX–XX centuries), as well as housing in modern homes, high class quality in different districts of Moscow. The greatest number of proposals in areas Presnensky, Tverskoy and Khamovniki (10-13% of the total amount of apartments offered for sale). The most expensive deals in the secondary market as the primary focus in the areas of Khamovniki and Yakimanka. The share of apartments of the highest price category exceeds 35% of proposals in each of these areas.
Thus, in the first quarter of 2009 on the market elite habitation of Moscow it was possible to observe a decrease in the supply prices, and in March became noticeably resumption of positive price dynamics in both rubles and us dollars. According to our estimates, in the following months the trend will continue its development.