In summer 2023, the residential property market demonstrated a recovery in buyer activity after rather restrained demand figures in 2022 – early 2023. Throughout Q3, the market demonstrated positive dynamics of the increase in the number of transactions in all classes of Moscow’s primary residential property market, but the premium segment showed the maximum growth.
PIONEER analysts summarised the results of Q3 2023 in the segment of premium apartments in Moscow. As per July-September 2023 results, a total of 69.3 thousand m² was sold in the segment of premium properties, which is 2.8 times more than the figure for the same period a year earlier. Notably, this is the maximum increase among all segments: the sales volume in the elite class showed a 2.2-fold growth, in the business class — 1.8 times, in the comfort class — only +3%.
“It is worth noting, the volume of sales of premium properties in Q3 2023 is comparable to the total sales volume for Q1-Q3 2022, when 74 thousand m² were sold. The ruble volatility, gradual adaptation to the new realities, and as a result, the realisation of pent-up demand allowed the quarter’s figures to reach record values for the last 3 years,” says Ekaterina Petrova, Deputy Director for Analytics and Marketing Concepts at PIONEER.
Five projects sold more than half of the premium segment volume — 36.3 thousand m², which exceeds the quarterly sales figures in the segment of premium flats in 2022. The top of the most attractive projects in the premium segment was the PRIDE family neighbourhood, where almost 7.5 thousand m² were sold from July to September.
The company also calculated that the volume of supply of premium class units in September 2023 amounted to 254 thousand m². Over the three months, the figure remained virtually unchanged (+2%), despite the active washout. The preservation of the supply volume is due to a rather high developer activity: property developers in the premium segment were actively putting on sale new volume or new stages in the already realised projects, moreover, in 4 projects the start of booking was announced.