IntermarkSavills presents analysis of the "Moscow Elite Residential Markets for August, 2011".
08 september 2011
IntermarkSavills presents the overview "Moscow Elite Residential Markets for August, 2011".Which encompass the elite, business-class, out-of-town sales markets and rental market.
Few words about these markets for August, 2011:
By the end of summer 2011 there was a decrese in the activity of buyers of business-class apartments – newbuild sales reduced by 7% in comparison with July. At the same time August values are almost 60% higher than the values of 2010 and 2009.Dmitry KHALIN, Head of In-Town Residential Real Estate Department, IntermarkSavills
In June and July 2011 the high-budget country property market reacted in the same manner as in 2010: it went ‘quiet’ both in terms of closed sales and in terms of growth of supply price.
A stable high demand level, a deficit of high-quality supply, as well as growing utility prices inevitably lead to an increase in average supply budgets. At the end of August the average budget and the average supply unit rate was 7 206 USD per apartment per month and 667 USD per sq.m. per year, which is 1% higher than last month’s indicator (in July 2011 it was 7 127 USD and 661 USD respectively). During the year the average supply budget went up by 15%. The increase was mainly observed in 2/3-room apartments, where landlords raised the monthly rent by more than 17%.
Traditionally the last month oft he summer is one of the quietest on the premium-class residential market. However, the number of closed sales in August 2011 was higher than in the past two years. Despite the negative news from the international finance markets.