Increase in “primary” sales, refusal of transactions with buyers under sanctions, without foreign currency savings, buyers-bloggers and waiting lists for apartments with finishing
In 2024, five new trends emerged in the traditionally conservative “elite” market of the capital . The Elite.ru portal talks about the most significant innovations noted by Metrium in the expensive real estate segment.
Growing demand for new buildings
At the beginning of 2024, sales in the primary luxury housing market increased compared to the same period in 2023. From January to April 2024, 148 apartments and apartments were purchased under equity participation agreements. This is twice as much as in the first four months of last year. Developers of expensive real estate are actively competing for buyers. Therefore, a number of high-level projects have been brought to the market, many of which can become new attractions of the city. At the same time, in the secondary “elite” market there is a shortage of supply, especially high-quality lots, which also encourages buyers to choose new buildings.
Refusal of the transaction if the buyer is under sanctions
Increasingly, secondary sellers began to ask buyers about the origin of money. The main question that worries them is whether the buyer is under sanctions. According to Anna Radjabova, director of luxury real estate management at Metrium Premium, if a client directly or indirectly belongs to the sanctions list, then sellers try to more carefully assess the possible risks when using funds abroad. There have already been refusals of deals. This mainly applies to those sellers who intend to use their money outside of Russia. On the other hand, over the past year and a half, the number of such clients has decreased noticeably.
Instead of foreign currency savings – liquid housing
Buyers began to abandon foreign currency savings, investing instead in liquid assets. There are still those who keep money in cash and wait for an improvement in the socio-economic situation, but their number is decreasing: it has become almost impossible to sell the currency profitably. Sellers also stop nominating prices for apartments in dollars and euros. Interest rates on foreign currency deposits are low, and it is very difficult to exchange dollars and euros at the current rate. The black market doesn’t help either, since such transactions are criminally punishable, and the speculators have extreme rates. The expected major currency fluctuations did not occur, so many wanted to get rid of the currency. Buyers convert it into rubles and buy housing in order to reliably preserve capital.
Bloggers began to buy Elite more often
In recent years, the largest bloggers have seen their incomes increase. Today, such people can afford not only to rent luxury housing, but also to buy it. These are media personalities who have decided to connect themselves with the domestic audience, they regularly pay taxes and do not experience problems with the law. The activity of this audience on the market has increased, but such transactions still remain isolated. More often, expensive apartments are purchased by businessmen, top managers and major government figures. Other “elite” buyers are ambivalent about possible blogger neighbors. With their help, it is easier to resolve difficulties with management companies, but not all owners like the public resonance created by media persons.
There is a waiting list for apartments with finishing
Today, the most popular among buyers are apartments with ready renovation, although finishing increases the cost of housing by 40-50%. In some new buildings they even began to have waiting lists, because demand far exceeds supply. Most buyers prefer modern projects with an expressive architectural appearance and design. As Anna Radzhabova noted, those who do not urgently need to move to a new apartment are ready to “invest in a dream” by buying housing under construction. Against this background, developers are competing for demanding buyers. Many clients are “locked” in Russia, so they are forced to invest in domestic assets rather than foreign ones. As a result, complexes with unprecedented solutions, including exclusive finishing options, appear on the primary market.
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