IntermarkSavills presents analysis of the "Moscow Elite Residential Markets for July, 2011".
11 august 2011
IntermarkSavills presents the overview "Moscow Elite Residential Markets for July, 2011".Which encompass the elite, business-class, out-of-town sales markets and rental market.
Few words about these markets for July, 2011:
In July 2011 apartments for part-time residence were in the highest demand on the new-build business-class market. They account one in five concluded transactions. The average floor area of a purchased apartment is 60 sq.m, the average budget of transaction is $350 000.Dmitry KHALIN, Head of In-Town Residential Real Estate Department, IntermarkSavills
As compared to June, in July 2011 there was a 3% decrease in the rouble supply price across all segments of the high-budget country market. This slight pricing adjustment of prices was caused by new stages in communities already on sale entering the market, and by the decrease in the dollar exchange rate. It is important to note that most of the premium-class projects retain dollar pricing.
The strengthening of the Rouble had a great impact on the growth of rental rates and led to an increase in the number of rental contracts concluded in the national currency. Today 71% of rental contracts are concluded in Roubles, which is 9% higher that the figures recorded in the last year.
The growth in demand for elite housing has continued even into the slower summer months – a period of traditional decrease of customers’ activity. Thus, during June and July 2011 the number of transactions concluded on the new-build premium-class market was 1/3 more than in the last year and about 2 times more than in 2009.Dmitry KHALIN, Head of In-Town Residential Real Estate Department, IntermarkSavills