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The first quarter of 2023 revealed a critical decline in the number of available apartments in Moscow City: only 560 properties, of which 140 units (25%) are in the new build segment. In the first three months of this year, the number of offers from developers fell by 14%, 27% compared to the previous year, and over two years, the decline has reached 70%, according to an analysis by the consulting firm NF Group.
The last time the market was updated with new lots was in 2018, when sales began in Tower No. 1 of the Neva Towers complex. Since then, supply has expanded sporadically due to the redistribution of larger lots to more sought-after compact options. Currently, active sales in the primary market are concentrated in three towers: Neva Towers , OKO , and Federation (Vostok) , according to the study.
However, for the first time in a long time, the market is showing signs of revival. Sales are planned for the new residential project "Dom Dau," where preliminary reservations are currently being accepted, NF Group reported. Experts clarified that this project will be developed as an apartment project, offering 684 lots. Considering that large developers typically offer lots in small groups, the primary market will expand gradually. Analysts also noted that the One Tower project is expected to appear in the Moscow City market in the future.
NF Group partner Andrey Solovyov commented on the situation: "Due to the prolonged absence of new supply on the market, pent-up demand is driving the need to launch modern residential projects and improve transaction dynamics."
Furthermore, Moscow City Hall recently approved plans to build a new skyscraper within the Moscow-City development. The residential tower is planned to rise 340 meters. The building's top will resemble a wave or a classic spire, typical of Moscow skyscrapers, depending on the angle.
Thus, the current situation in the Moscow-City housing market is characterized by a sharp decline in supply of 70% over the past two years. However, given the launch of new projects such as Dom Dau and One Tower , experts predict a market recovery and positive transaction dynamics in the near future.
