Elite new buildings in St. Petersburg have risen in price by almost a quarter over the year

In the primary market of St. Petersburg, a square meter of luxury housing has risen in price by 22% over the year, a study by Knight Frank St. Petersburg has shown. Petersburg.

„The weighted average offer price in the primary elite housing market amounted to about 566 thousand rubles / sq. m., which is 22% higher than the same indicator in June 2021 and 6% higher than in December 2021,” the study says.

In Q2, the average price decreased by 7% compared to March 2022. The reason was the multidirectional change in prices for objects, but a negative indicator was noted only in a few projects for which there had previously been a significant increase in prices, or in which there were no sales.

Thus, the average price in the secondary market of elite real estate in residential complexes of St. Petersburg, built after 2010 and located in four central districts of the city, according to the results of the first half of 2022, amounted to 551 thousand rubles per sq. m. m. This figure decreased by 4% per year.

In addition, if at the end of 2021 secondary housing exceeded the price of primary housing, then by the end of June 2022, the average price in the secondary market was 3% lower than the average price of the primary elite housing market. According to experts, this is due to the adjustment of the proposal.

In addition, the volume of free supply in the primary market of „elite” St. Petersburg increased by 26% compared to the year and amounted to 134.7 thousand square meters. m (1094 apartments). At the same time, 82% of the supply of elite housing is concentrated on the Petrograd side and Petrovsky Island.

According to analysts, by the end of 2022, it is planned to put into operation four facilities with a living area of ​​about 74 thousand square meters. m. As a result, the annual rate of commissioning of elite housing may be the highest over the past five years.

„In the first half of 2022, we noted a shift in demand towards ready-made elite new buildings, as well as objects of the secondary market. The restrictions that have arisen on the acquisition of European real estate have made it possible to draw the attention of Moscow and regional buyers to St. only residents of our country, but also foreigners. When choosing an object, buyers pay special attention to the quality and design of the entrance group, the view characteristics of the apartment, as well as well-thought-out planning solutions with high ceilings,” commented Tatiana Lyubimova, director of the elite residential real estate department at Knight Frank St Petersburg.

James Rogers

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