April is the time to analyze and discuss the results of the first quarter in the real estate market. It is important to understand what trends have been observed in various segments of this market, and what prospects open up for us in the future.
April has become a time to analyze and discuss current trends in the real estate market. Steady demand, changing customer preferences, increased competition and changes in legislation – all these factors have an impact on the development of the industry. It is important to be aware of these changes and adapt your strategies to the new realities of the market.
The analysis of expert opinions helps to better understand the current situation and assess the prospects for the development of the real estate market. This allows you to make informed decisions and successfully adapt to changing conditions.
And how do you feel about the current trends in the real estate market? Share your opinion in the comments – it's always more interesting to figure out this exciting topic together!
Housing from the moment when a person can buy an apartment in a building under construction, symmetry of transactions and blacklists of consumers: market results in the first quarter of 2024.
It's April, the first quarter of the year has ended. It's time to sum up some results, take a closer look at the processes that are taking place in different segments of the real estate market, and most importantly, assess its prospects and future opportunities. In the latest analytics, we have collected quarterly statistics, as well as popular trends regarding the purchase and sale of housing.
Rent is the key
…especially in the last year, when exorbitant prices for apartments shelved the dreams of many Russians about their cozy living. The wind of change blew in the direction of the house renting, it began to look the most attractive in the current conditions.
According to the portal "MIR KVARTIR", the first quarter in the rental market gave unexpected results – apartment rental prices that started to rise are starting to deflate, and the process will continue, because the supply on the market shows only growth.
In large Russian cities, prices rose in only 31 cities during the quarter, and fell in 39 cities. Chita was among the first (an increase of 11%), Novokuznetsk (rent increased by 10.1%), Cherepovets (started by 9%). Astrakhan showed a decrease in prices by 10%, Magnitogorsk by 8.7%, Kemerovo by 8.3%, Voronezh with a drop of 7.1% and Belgorod in the same list – where the price decreased by 6.9%.
Moscow showed a slight increase in the rental price – by 1.1%, the average price for a one-room apartment was 47,514 rubles per month, and the Moscow region rose quite noticeably by 3.9%, the average amount was 30,715 rubles per month.
With two-room apartments, the situation is somewhat different, there is a noticeable trend towards an increase in rent in 38 cities and a drop in only 32 cities.
With two-room apartments, the situation is somewhat different, there is a noticeable trend towards an increase in rent in 38 cities and a drop in only 32 cities. In Kurgan, there was the growth 10.8%, Cherepovets with its 7.3%, Orenburg gave plus 6.1%. The cheapest two-room apartments were in Cheboksary, where the price decreased by 10%, Ulan-Ude gave 8.6%, Vologda (-6.5%).
In the capital, two-room apartments rose in price by 1.5%, to 58,996 rubles/month, apartments near Moscow jumped immediately by 5.9%, to 38,039 rubles per month.
But three-bedroom apartments are cheaper in 38 cities out of 70. The price sank the most in Naberezhnye Chelny (by 13.5%), followed by Belgorod (12.3%) and Oryol (11.8%)
Moscow three-room apartments, according to the analysis Mirkvartir.ru , did not rise in price too much – by 0.8%, to 71,214 rubles/month, Moscow suburbs – by 3.4%, to 45,041 rubles/month, St. Petersburg prices fell by 6.2%, to 50,203 rubles/month.
On average, three-room apartments in the country decreased in price by 1.4%, to 33,517 rubles/month.
Over the past year, rental rates have been marked by a double-digit increase, and the price tags have been in equilibrium for the entire first quarter. In comparison with the first quarter of 2023, a distinct positive trend is visible: one-room apartments added 20.8%, two–room apartments – 16.8%, three–room apartments - 11.6%, explained Pavel Lutsenko, General Director of the federal portal "WORLD OF APARTMENTS".
The decline in the supply of rented apartments in 2023 reached 60-70% in some cities, and now it is recovering.
Prices have also increased slightly in the secondary housing purchase market. Since the beginning of the year, the "square" of secondary real estate has risen in price in all cities except Moscow, where the decrease amounted to a symbolic 0.1%.
The most expensive square meter per quarter was in Makhachkala, Naberezhnye Chelny, Simferopol. The price of a meter has increased least of all in Izhevsk, Cheboksary, Kaluga.
On average, from January to March, the "square meter" in Russian cities increased by 2.9%, to 112,415 rubles.
If we talk about the price of the apartment itself, in general, the average lot rose the most in Makhachkala, Naberezhnye Chelny, and fell the most in Vladimir, Vladivostok, and Yaroslavl.
Moreover, the rate of price growth is about the same as in the same quarter of 2023.
The reason for that is inflation and rising prices in the primary market, which the owners of the "secondary" always focus on. In the first quarter, the supply decreased by 12%, there are apartment owners who simply cannot find buyers due to very high mortgage rates.
The choice of a Muscovite
Analysts of the Urban Award have established the preferences of Muscovites in the field of housing. The main foundation is still the mass market, which gives the construction industry more than half of all sales.
The average buyer in "old" Moscow spends 11.86 million rubles on comfort-class real estate. At the same time, in 42.3% of cases, the amount is limited to 10 million rubles. Objects with finishing from the developer (full or pre-finishing) dominate the structure of transactions. This option is chosen by 84.7% of customers.
The square metric area continues to decrease - compared to 2022, the average area in the segment decreased by as much as 8.5% and instead of 44.8 square meters. The total area was 41.0 sq. m, and two thirds of all purchased lots in the Moscow mass market are studios (26.6%) and "odnushki" (36.6%). Two–room apartments and apartments occupied 26.9%, three-room apartments - 9.0%, and multi-room apartments do not reach 1.0% of sales.
Geographically, the demand for comfort-class housing (following the supply) has finally shifted to peripheral locations located on both sides of the MKAD. Ochakovo-Matveevskoye holds the first place with a share of 8.8%, Molzhaninovsky district (8.3%) and Lublin (7.9%) are slightly inferior to it in popularity. Solntsevo (6.0%) and Zapadnoye Degunino (5.8%) also entered the top 5.
There is symmetry in the structure of transactions - studios occupy the same volume in the sales structure as three-room and multi-room lots - 18.5%. One and two-bedroom apartments occupy about 31 percent of the market each.
Saint – Petersburg
According to Maria Tarasova's real estate agency, by the beginning of March 2024, interest in new buildings in St. Petersburg had increased by 15%. In February 2024, demand for new buildings turned out to be 21.56% higher than in February 2023, but at the same time remains significantly lower than the result recorded in February 2022 - 36.8%.
But secondary housing, on the contrary, is falling in price. According to experts from the Nevsky Prostor real estate agency, in March 2024, the average cost per square meter in the secondary market of St. Petersburg reached 211.6 thousand rubles, that is, it decreased by 5.57% or by 12.4 thousand rubles.
— Over the past year, real estate prices in St. Petersburg have indeed increased slightly, but they are already beginning to show a downward trend, although not too actively, - said Alla Shinkevich, General Director of the Nevsky Prostor real estate agency. In January, the number of transactions remained high due to delayed decisions from the end of the previous year, but by February and March there was a noticeable decrease in the number of sales. Apparently, many sellers are trying to lower prices in order to be able to sell objects on time, especially those who especially need it.
Alla Shinkevich, CEO of the «Nevsky Prostor» real estate agency
The price of apartments in general has fallen slightly since the beginning of the year, this does not apply to all types of housing. It is important to note that the cost of secondary housing in the long term continues to grow anyway. Unique apartments in new buildings or point-built facilities, where competition is low, keep their price stable.
Consumer extremism and housing at the start
According to Nikita Lutovinov, marketing director of the Dachniy Season Development Company, there is a problem of consumer extremism in low-rise suburban construction, which leads to an increase in prices. All market leaders are trying to fight this.
Almost every 100th customer tries to manipulate the developer, and 15% of them can be a real danger to the company.
As a rule, these manipulations are not directly related to the quality of the built real estate and are based on deliberate delaying decisions on the part of the consumer and blackmail with negative reviews for fictitious claims.
Reviews on the Internet become a powerful source of influence, even if a baseless negative appears, a construction company can lose up to 60% of potential customers even before everything is resolved in court.
At the same time, clients themselves often believe that making claims to the developer is a form of public control.
There is a paradoxical situation when consumer protection mechanisms against an unscrupulous developer have been developed or are being developed, but there is no reverse mechanism yet. It is assumed that legal support for construction companies can become one.
As measures, stricter documentation of the construction process is being discussed, and even the suspension of construction in case of unfair performance of their duties by the customer, as well as the maintenance of blacklists of such consumers.
Buying a home at the start is becoming more and more popular.
At the start, it is often possible to buy an apartment at a much lower cost than after the start - explains Yevgeny Beskrovny, Sales Director of Zapstroy Group, - In addition, at the start, customers can purchase an exclusive apartment with a special layout or a view from the windows, since such apartments are sorted out at the start.
At the same time, the risk of not getting what you wanted is reduced.
If we talk about the practice of the last 3-5 years, then situations when the projects of residential complexes differed significantly from the final, ready-made residential complex are extremely rare. During this time, I can remember literally 2-3 such projects," the expert says.
Developers have some backlash of solutions, however, usually everything that is promised is implemented by 80-90%. At the same time, however, one hundred percent coincidences of promised and fulfilled are rare.
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