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Over the past year, the number of residential properties available for purchase in all four skyscrapers of the business center has significantly decreased. Therefore, unless new projects are brought to market, there may be no available lots left in the City by the end of the year.
According to analysts, apartment sales in Moscow City accounted for one-fifth of all premium real estate transactions in Moscow in 2020. Meanwhile, prices jumped in three of the four business center towers.
In mid-March, apartments in only four complexes in the City Towers were put up for sale:
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Federation Tower , where the price per square meter increased by 31%, and the number of offers decreased by 77%;
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Oko was distinguished by a 12% increase in prices per square meter and a 40% decrease in supply;
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Neva Tower , where the price per square meter jumped by 16%, while the volume of offers decreased by 38%;
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The City of Capitals is the only complex where the price per square meter decreased by 13%, but the number of lots for sale also decreased by 20%.
Thus, over the past year, the supply of apartments in Moscow City has been marked by a rapid decline and increase in prices. The Federation Tower demonstrated the greatest growth, with prices per square meter jumping by a whopping 31% over the first 12 months of 2020, and the market exit rate reaching 77%. The complex's management company confirms these figures and predicts that by early 2021, the average price per square meter in Moscow City towers will equal the price per square meter in the city's historic center. Even in 2020, the difference between the two was approximately 15%, favoring the historic center.
According to analysts, the number of apartments in the City towers has been declining monthly by 2-42%. Therefore, there is every reason to believe that a complete sellout of all available lots is possible in 2021. The launch of sales at the One Tower complex, currently under construction, could improve the situation. However, as of today, open sales have not yet begun.
At the same time, analysts at Capital Group, the developer behind the Oko mixed-use complex and several other projects in the Moscow City and surrounding areas, noted that 30% more apartments were sold in Oko in 2020 than in 2019. They also observed an increase in demand for housing in other areas of the capital. According to their data, 250,000 square meters of similar real estate were sold in Moscow in 2020, which is 47% more than the number sold in 2019.
It's clear that 2020 was a record-breaking decline in the number of apartment listings in the City. This is largely due to increased demand and a lack of new sales launches. Overall, Moscow has seen a 55% decline in apartment listings year-on-year. Therefore, it's no surprise that the average price per square meter has also jumped. As of today, its average price has increased by 18.9%. Moreover, the largest increase, 30%, occurred in the upper price category, which includes apartments in Moscow City.
