Knight Frank has prepared new sales statistics for the Moscow-City submarket for 2021. According to these data, 341 transactions were completed in the primary market this year. This means that the number of apartment sales in 2021 increased by 47% compared to 2020 figures and by 11% compared to the number of transactions completed in 2019. This suggests positive momentum and a recovery in pre-pandemic demand.
The fourth quarter of last year set a record for the submarket, largely due to significant sales volumes at the Oko multifunctional complex . Analysts also noted that low mortgage rates contributed to the increased interest in City real estate in the first half of 2021.
Consulting firm experts calculated that the total value of apartments sold in 2021 was 25.8 billion rubles, double the 2020 figures. The average lot price was 76 million rubles, 26 million rubles higher than the previous reporting period. In 2021, buyers were primarily interested in apartments measuring 50-100 square meters, accounting for 63% of total transactions. Apartments measuring 100-150 square meters accounted for 16% of transactions.
As a result of increased demand, Knight Frank reports a 66% reduction in the number of vacant lots in the new build market compared to 2020 figures. Currently, only 179 apartments remain available. This number is steadily decreasing, as sales are not yet underway at new properties.
At the same time, the secondary market is also showing a positive trend. This cluster accounts for 61% of all available inventory in the City. Andrey Soloviev, Director of the company's Urban Real Estate Department, explained that he is currently actively compensating for the shortage of developer inventory. According to him, now is the time for investors who have been investing in Moscow City real estate since the early stages of construction of already completed multifunctional complexes. The location's strengths include not only the excellent balance between residential, office, and commercial real estate and the well-developed transportation infrastructure, but also the fact that 72% of apartments in newly built skyscrapers are sold with fully finished interiors, ensuring rapid occupancy.
