According to PIONEER analysts, in the first quarter of 2024, the greatest dynamics in apartment prices was noted in premium class projects: the weighted average price here increased by 6% from the beginning of the year and reached 749.5 thousand rubles. The cost of offers has increased in all classes except comfort class, but it is in the premium segment that it is due to both increased supply and high sales rates.
PIONEER experts summed up the results of the first quarter of 2024 for the primary real estate market in Moscow. Thus, during the period January–March, the average price for apartments in new buildings in Moscow increased by 1% compared to December. At the same time, price movement within the quarter was uneven. At the beginning of the year, the expected cooling in consumer activity followed: in the first two months, demand was rather restrained, and prices on the market stagnated. The market began to show positive dynamics in March: the volume of transactions increased by 39% compared to February data and was fixed at 291 thousand sq. m. m. The increase in purchasing activity, in turn, was reflected in positive price dynamics.
“Compared to the rush demand at the end of 2023, purchasing activity at the beginning of 2024 decreased in all price segments in the primary residential real estate market in Moscow. However, when comparing data on transactions for the first quarter of 2024 and 2023, we can see a decrease in demand only in the comfort class, which was also reflected in negative price dynamics in the segment. In all other classes, sales volumes showed growth, but it was in the premium class that this growth was most noticeable and doubled,” noted.Director of Analytics and Marketing Concepts at PIONEER Ekaterina Petrova.
According to PIONEER, prices in business and elite classes increased by 3% in the first quarter. In the comfort class, the average price in new buildings in the mass segment decreased by 1 thousand rubles – from 331.6 thousand to 330.6 thousand. A downward adjustment in prices was noted in more than a third of comfort class projects.
< p class="doc__text">The increase in the average supply price in the premium segment is primarily due to the actual increase in prices in projects, both against the background of high sales rates and against the background of an increase in the stage of construction readiness. Sales during this period were opened, including in the PIONEER project line: at the beginning of the year, sales of apartments began in the premium SHIFT quarter next to Neskuchny Garden. A significant increase in demand and progressive positive price dynamics in the premium segment allow us to once again note the attractiveness of this class for consumers and its stability within the residential real estate market.
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