IntermarkSavills presents analysis of the "Moscow Elite Residential Markets for Q1, 2010".
15 april 2010
IntermarkSavills presents the overview "Moscow Elite Residential Markets for Q1, 2010".Which encompass the elite, business-class, out-of-town sales and rental markets. Few words about these markets in Q1, 2010:
The instability of the currency exchange markets has had a significant impact on the elite residential rental market. At any sign of a strengthening Ruble, Landlords are making steps to protect themselves from any risk of loss. Thus, they are choosing to include protective mechanisms within lease agreements such as to conclude rental contracts in foreign currency terms, establish a currency corridor or postpone the signing of the contracts until a favorable exchange rate is reached.
New-build business-class properties are again becoming of interest for the client: during the first three months of this year the number of closed newbuild transactions increased by 20%, average dollar prices increased by 6%, and average ruble prices – by 2%.
In Q1 2010 revival in demand was registered in the country property market: 1.5 times more properties were sold compared to the same period in 2009. Communities within completed housing estates led the market in terms of sales.
In Q1 of 2010 the number of closed transactions for elite apartments was twice higher than the same period in 2009. The market is reviving and getting closer to pre-crisis figures in terms of the volume of demand.