IntermarkSavills presents analysis of the Moscow Elite Residential Markets, III quarter of 2010.
15 october 2010
IntermarkSavills presents the overview "Moscow Elite Residential Markets, III quarter of 2010".Which encompass the elite, business-class, out-of-town sales markets and rental market.
Few words about these markets in the III quarter of 2010:«Even with reducing supply in Moscow approximately 330 apartments in new-build elite housing projects were sold during the three quarters of 2010. This is more than the whole of 2009. This growth in demand combined with the shortage of supply has caused dynamic growth in prices in this segment of the residential property market. Since the start of 2010 prices have risen by 23%...»
Dmitry KHALIN, Head of Strategic Consulting and Valuation Department, IntermarkSavills During the nine months since the start of this year we have observed a gradual growth in rent rates and an increase in the budgets of potential tenants. However, an analysis of closed transactions during this period shows that the major share still remains within a price range of up to $4,000, indicating that the effective demand remains low.
Galina TKACH, Head of In-town Residential Real Estate Department, IntermarkSavills
Trends seen on the high-budget country housing property market since the beginning of 2010 continued during the third quarter of 2010: prices gradually grew, and the number of transactions
was much greater than during the peak of the crisis. More activity on the market made it possible for new projects with interesting concepts to enter the market...
The number of closed new-build transactions in business-class residential complexes during the three quarters of 2010 exceeded the level of the same period in 2009 by 20%. Average dollar prices went up by 7%. It is evident that the ‘market bottom’ in this segment of the residential market has been reached and a gradual recovery is starting…