Real estate in Moscow

The main articles are:

• Real estate (Russian market)
• Moscow

Construction in Moscow

Main article: Construction in Moscow

Buying an apartment in Moscow

Main article: Buying an apartment in Moscow

Shopping centers in Moscow

Main article: Shopping centers in Moscow

Moscow City

Main article: Moscow City

Chronicle

2025

Sales of new housing in elite new buildings in Moscow for the year increased by 22% and reached 350 billion rubles

The volume of sales on the market of elite new buildings in Moscow in 2025 reached almost 350 billion rubles, which is 22% more than in 2024 in monetary terms. Such data were submitted by NF Group in January 2026.

In quantitative terms, about 1,790 apartments and apartments were sold, which is only 5% less than in 2024. The growth of total revenue is provided by an increase in the weighted average offer price. The most active sales occurred in the fourth quarter of 2025, especially in December, when about 260 transactions were concluded. This volume amounted to 50% of the result for the quarter. NF Group experts call pent-up demand a key factor in activity: buyers sought to complete transactions before the expected price increase in January 2026.

Sales of new housing in elite new buildings in Moscow increased by 22% over the year

The ongoing renewal of the offer has kept customers interested. According to NF Group, in 2025 the segment was replenished with seven new projects, most of which are in the upper class of deluxe, as well as new buildings in three existing complexes. As a result, the total supply by the end of 2025 reached a record 3.4 thousand lots, an increase of 13%.

The weighted average offer price for December 2025 amounted to 2.196 million rubles per square meter. Although the quarterly figure decreased by 1% due to changes in the supply structure, an annual increase of 13% was recorded. In premium class, the price reached 1.57 million rubles/sq. m (+ 12% per year), and in the deluxe class - 3.13 million rubles/sq. m (+ 14% per year).

Thus, it follows from the NF statistics that a steady rise in prices and the expansion of the range of deluxe projects have formed a new price level in the market, which directly affected the financial results of 2025.^[1]

The volume of commissioning of new hotels in Moscow for the year increased by 40% and reached 1101 rooms

In 2025, the volume of commissioning of new hotels in Moscow increased by 40%, reaching 1101 rooms. This follows from the analytical report of the Nikoliers company, compiled on the basis of data from operators and developers and published on January 28, 2026.

The growth in the commissioning of new facilities in the capital contrasts with the general trend of slowdown in the hotel market. The forecast for 2026 assumes a reduction in the volume of new supply in Moscow to 661 issues, which is 37% less than in 2025.

A similar trend is expected in St. Petersburg, where input may decrease by 23.4%, to 614 numbers. IBC Real Estate CEO Alexei Efimov admits that commissioning in Moscow may remain at the level of 2025, but the overall trend remains restrained.

The reason for the slowdown is the stagnation of domestic and inbound tourism. According to the preliminary estimate of the Association of Tour Operators of Russia, the number of foreign tourists in 2025 increased by only 2-5%, to 1.6-1.65 million people. The Nikoliers forecast for 2026 assumes an increase in tourist arrivals to Moscow by 1.9%, to 27.3 million, to St. Petersburg - by 3.2%, to 12.8 million people. President of Cosmos Hotel Group Alexander Biba noted the transition of the market to restrained growth due to high competition.

The partner NF Group expects that the total commissioning of new hotels in Russia in 2026 will amount to 11 thousand rooms, which is only 4.7% more than in 2025. According to the data, within the Ministry of Economic Development framework of the concessional lending program, 800 rooms are planned to be commissioned in 2026. Part of the decline in the classical segment may be compensated by the boom in service apartments, the volume of the new offer of which in Moscow and St. Petersburg in 2026 may grow several times.

Alexander Biba predicts an average annual growth in the number of rooms in Russia until 2030 at the level of 5-6%. He associates the decrease in input in the short term with the postponement of project implementation due to changes in financial conditions and borrowing costs. In the medium term (2026-2028), an increase in the number of discoveries is expected, including in the macro-regions: the North Caucasus, the Black Sea coast, Altai and the Far East.^[2]

Reduction of real estate purchases using mortgages in Moscow by 2.2% to 118.2 thousand transactions

In 2025, 118.17 thousand mortgage transactions were registered on the primary and secondary markets of Moscow. This is stated in the report of the Moscow department of Rosreestr in January 2026. From the statistics of the department it follows that the results of 2025 for mortgage transactions are 2.2% lower than in 2024 (120.88 thousand mortgages). In December 2025, 10.82 thousand mortgage transactions were registered in Moscow. This is 32.4% more than in November 2025 (8.17 thousand transactions). The result of December is 3.7% inferior to the same period in 2024 (11.24 thousand).^[3]

Reduction of investments in office, warehouse and residential real estate in Moscow for the year by 37% to 650 billion rubles.

Analysts consulting at IBC Real Estate calculated that the total investment real estate Moscow in 2025 will reach 650 billion rubles, which will be 37% lower than the record value of 2024, but 7% higher than the annual figure for 2023. According to the results of the second half of December, the volume of investment investments in real estate in the Moscow region amounted to 636 billion rubles. IBC Real Estate announced this on January 19, 2026.

In the structure of the distribution of investment investments in real estate by region in 2025, Moscow leads with a share of 76%. The share of investments in facilities in St. Petersburg and the Leningrad Region decreased to 9%, the remaining 15% was distributed among the regions of Russia.

^{Dynamics of the volume of investment transactions in the real estate market in Moscow, billion rubles.}

The largest volume of investments in real estate in the Moscow region in 2025 fell on the segments of office (41% of the total investment), residential (23%) and warehouse (18%) real estate. At the same time, compared to 2024, in all these segments there is a decrease in investment, as in Russia as a whole.

The main factor of high investor activity in the office real estate segment remains the acquisition of large business centers for the own needs of companies - such transactions accounted for more than 50% of all investments. The largest transaction was the purchase of the Belaya Ploshchad business center by Modern Real Estate Funds for subsequent investment in closed-end investment funds. The twofold decline in investment in office real estate in 2025 is due to the high base of 2024. However, the current figure is still significantly (2-3 times) higher than the average results of annual indicators in the periods up to 2024, which confirms the steady interest of investors in the segment.

The decrease in investments in the warehouse segment by 35% is due to a change in investor strategy and market conditions. Previously, a significant part of the acquisitions came from low-rental properties that were considered assets with growth potential, but the market reached a relative equilibrium, at which rates stabilized and opportunities for renegotiation were practically exhausted, which makes new investments less attractive and limits the number of transactions. Despite this, about half of the total volume of investments in the warehouse segment accounted for the purchase of objects with their subsequent inclusion in the closed-end investment fund. The slowdown in investment activity in the residential real estate segment is more than 2 times due to the abolition of preferential mortgage programs, which significantly reduced purchasing activity in the housing market and, as a result, cooled the interest of developers in new projects. At the same time, in the investment market, there is a tendency for developers to sell plots with approved permits, as well as projects at the construction stage, which indicates a change in market conditions and an adjustment in investment plans of developer companies.

The trading and hotel segments, on the contrary, showed an increase in investment in 2025 relative to the values ​ ​ of previous years. The volume of transactions in the trading segment increased 1.5 times y/y, which was ensured by such large transactions as the sale of the Vremya Goda shopping center and the outlet center Outlet Village Belaya Dacha. In the hotel segment, the investment indicator has grown 2 times, and the current record result (28 billion rubles) is the highest in the entire history of observations. Major transactions in 2025 were the sale of the Hyatt Regency Moscow Petrovsky Park hotel and the LesArt Resort suburban complex.

In 2025, there was moderate activity on the investment market, including due to the continued fairly high level of the key rate. The total volume of investments in real estate in Moscow at the end of the year approached 650 billion rubles. In 2026, with a general course towards stabilization, the process towards returning the market to a balanced state will continue. The number and volume of transactions with large office projects for their own needs and the number of transactions for the sale of objects from foreign owners will be reduced, and residential developers will continue to take a wait-and-see attitude until further easing of monetary policy. According to our forecasts, the total volume of investment investments in real estate in Moscow in 2026 may amount to about 450-500 billion rubles, - said Mikael Ghazaryan, member of the board of directors, head of the capital markets and investment department of BC Real Estate.

The total volume of investments in real estate assets in Russia in 2025 may reach 850 billion rubles, which will be 35% lower than the annual figure of 2024 and 10% lower than 2023. The decrease in the annual investment indicator reflects the process of stabilization after two years of active growth. Thus, by the second half of December, the total volume of transactions amounted to 840 billion rubles, which is more than 2.5 times higher than the average annual figure for the previous 7 years.

Decrease in sales of secondary housing in Moscow by 3.8% to 140.6 thousand transactions

The number of transactions in the secondary housing market in Moscow in 2025 decreased by 3.8% compared to 2024 to 140.6 thousand. This was announced in January 2026 by the press service of the Moscow department of Rosreestr. On average, 11.7 thousand transfers of rights to the secondary housing were registered monthly by the department, while the maximum volume - almost 17 thousand contracts - was traditionally recorded in December 2025, when some buyers and sellers seek to complete transactions by the end of the year.^[4]

The volume of commissioning of new offices in Moscow became a record and amounted to 704 thousand square meters. m

The volume of commissioning of new office space in Moscow amounted to 704 thousand square meters. m in 2025. This was a record figure since 2015. The volume of new construction has been growing for the third year in a row. Almost half of the announced projects in the capital were postponed to 2026. This was reported by Finmarket with reference to the data of CORE.XP on January 16, 2026.

From the IV quarter of 2025 to 2026, the commissioning of 269 thousand square meters. m of offices. In total, in 2025, the commissioning of 693 thousand square meters. m of office space, which is 49.6% of the announced projects. This is the highest transfer rate since 2015 in both area and share. In 2024, the deadlines for the completion of the construction of business centers were postponed by 457 thousand square meters. m, or 44% of all declared objects.

The volume of commissioning of new offices in Moscow has become a record since 2015

Despite the large volumes of construction, less than a third of the entered space is available for tenants and buyers - 205 thousand square meters. m. This is due to the fact that in 2025 the headquarters of large companies were mainly built. They accounted for 54% of the total construction volume. Corporate buildings are being built for the own use of companies.

Developers are guided by customers who are ready to buy out the entire area. Construction under a specific tenant reduces the risks of unfilled. Large corporations are interested in modern offices designed for their needs. Such buildings rarely enter the open rental market.

Irina Khoroshilova, head of the company's office real estate department, noted that 2025 was a turning point for the Moscow office market. A record amount of input was achieved due to high-quality, largely corporate projects focused on their own use. Despite the renewed growth in the share of vacant space, the market remains in a structural deficit.

Irina Khoroshilova stressed that the deficit is especially noticeable in the rental segment. Tenants face a limited selection of quality space. Rental rates remain high due to the excess of demand over supply. Companies are forced to compete for attractive locations.^[5]

Stone Towers office complex built in the center of Moscow for ₽14 billion

Stone is completing the construction of the Stone Towers office complex in the Belorussky business district of Moscow. Total investments in the construction of the Stone Towers office complex amounted to ₽14 billion. In April 2025, the developer began installing elevator equipment in the Tower D business center, the last stage of the premium office quarter. Read more here.

10 largest housing developers in Moscow

GC Plane"" topped the rating of the largest construction companies, Russia building 5.21 million square meters. m of housing as of January 1, 2025. TAdviser I got acquainted with such data published on the platform "Unified Resource of Developers" in February 2025.

By the beginning of 2025, the ten largest developers are building 23.01 million square meters of housing, which is 19.27% of the total construction in Russia. The list of leading developers is as follows:

• Samolet Group of Companies - 5.21 million square meters. m, 60 residential complexes.
• PIK - 4.34 million square meters. m, 74 residential complexes.
• GK "EXACTLY" - 2.14 million square meters. m, 13 residential complexes.
• DOGMA - 2.07 million square meters. m, 10 residential complexes.
• GK FSK - 2.01 million square meters. m, 28 residential complexes.
• LSR Group - 1.96 million square meters. m, 27 residential complexes.
• "Brusnika" - 1.42 million square meters. m, 27 residential complexes.
• GK A101 - 1.40 million square meters. m, 10 residential complexes.
• SSK Group of Companies - 1.32 million square meters. m, 15 residential complexes.
• GC "Country Development" - 1.15 million square meters. m, 15 residential complexes.

The top three account for 11.69 million square meters, or 9.79% of housing under construction in the country. PRECISELY Group of Companies showed the greatest growth, rising to third place from sixth.

In the top ten, Brusnika also showed significant dynamics, rising to seventh place, SSK Group of Companies - to ninth place, and Strana Development Group of Companies, which entered the top ten, rising by three positions.

The twenty largest developers collectively build 27% of all housing in Russia, the fifty largest companies - 37.8%, and one hundred leading developers control 48.4% of the housing construction market.

As noted by "ЕРЗ.РФ," in 2024 there was a trend towards a decrease in competition between the largest developers, as evidenced by an increase in the shares of almost all groups of companies by 0.2-1.9 percentage points.^[6]

The CMEA house-book on Novy Arbat was transferred to "Kievskaya Square"

The Kievskaya Ploshchad group of the God Nisanov and Zarakh Iliev became an investor in the renovation of the building of the former Council for Mutual Economic Assistance on Novy Arbat in Moscow. This became known in early February 2025 from the data of the Moscow City Property Department. Read more here.

2024

The volume of the Russian market for parking spaces in buildings reached 145.6 thousand.

According to Rosreestr, 145.6 thousand parking spaces were put on cadastral registration at the end of 2024, including 64.4 thousand in the first six months. TAdviser got acquainted with such statistics in November 2025.

The publication Kommersant"" emphasizes that 2024 was characterized by abnormally high demand for sales of parking spaces in. To Moscow Then 22.1 thousand transactions with parking spaces were concluded, which is 37% more than in 2023.

The volume of the Russian market for parking spaces in buildings for the year reached 145.6 thousand.

Kirill Shavergin, commercial director of the RKS Development group of companies, indicated that the average price of the facility in Moscow new buildings exceeded 4 million rubles. The founder of SIS Development Yaroslav Gutnov noted that inside the Moscow Ring Road, the median cost has grown by 19% since the beginning of 2025.

In January - September 2025, the volume of sales of parking spaces in new buildings in Moscow within the old borders decreased by 13% year-on-year, to 9.9 thousand transactions, according to NDV Supermarket Real Estate and Level Group. According to experts, the market was affected by a reduction in the number of new residential projects. According to the analytical center "Дом.РФ," the area of ​ ​ new buildings commissioned in Moscow during the reporting period decreased by 31%.

The number of cars available for purchase in Moscow new buildings has decreased by 17% since the beginning of 2025 and amounts to 15.9 thousand. Igor Sibrenkov, commercial director of the Osnova group of companies, expressed confidence in future demand growth, linking this to a decrease in the number of free parking spaces, the expansion of paid parking zones and an increase in the number of projects with closed courtyards. Development Director of Rariteco Ekaterina Borisova added that the increase in the share of business class projects also supports the need for personal parking.

According to Kommersant, in 2024-2025, a methodology was approved that allows developers to reduce the number of parking spaces in new residential projects by 15-20%. Kirill Shavergin noted that this norm does not stimulate developers to create a large number of parking spaces.^[7]

Opening of co-working spaces with an area of ​ ​ 41,344 square meters. m

In 2024, coworking spaces with a total volume of 41,344 sq. m. In 2025, flexible office operators will open 10 new sites with a total area of ​ ​ 37,000 square meters. m (approximately 6,000 jobs). In the first quarter of 2025, 3400 square meters. m of flexible offices, of which 2400 square meters. m - network, says a representative of IBC Real Estate. Compared to the first quarter of 2024, the volume of new commissioning decreased by 69% in terms of area and 74% in terms of the number of workplaces. Such data are presented in April 2025 in the CORE.XP.^[8]

Sales of commercial real estate in Moscow for the year jumped by 68.9% and reached 616.4 billion rubles

In 2024, sales of commercial real estate in Moscow reached 616.4 billion rubles. This is 68.9% more compared to 2023, when the volume of the market under consideration was estimated at 365 billion rubles. The structure of transactions is analyzed in the review of the consulting company Nikoliers, presented on February 12, 2025.

The lion's share of revenue was provided by the sale of Moscow office real estate: in 2024, such transactions brought in approximately 404 billion rubles. For comparison, a year earlier, the figure was 131 billion rubles. Thus, threefold growth was recorded. Such a significant increase in investment volumes in the office segment is due to several very large transactions. This, in particular, the company's purchase RUSSIAN RAILWAY of approximately 262 thousand square meters of space in the Moscow Towers skyscraper, as well as the acquisition of a multifunctional complex (Slava 143.9 thousand square meters). As Central Bank of the Russian Federation part of another capacious transaction, the investment holding "" Kama capital bought out the business center "" (Metropolis 110 thousand square meters) from the American fund Hines Russia & Poland Fund and the Czech PPF Real Estate.

Warehouse facilities made a significant contribution to the overall structure of transactions in Moscow in 2024 - 123 billion rubles. Retail real estate accounted for 63 billion rubles: the largest transaction here was the sale of the Central Children's Store (Central Children's Store) in Lubyanka. The average size of transactions with retail real estate in Moscow in 2024 amounted to 2 billion rubles.

In the structure of transactions by type of buyers, the largest contribution was provided by state-owned companies - approximately 41% of the total market volume in monetary terms. The corporate sector accounted for 25%, banks and investment funds - 20%. Private investors provided 5%, other buyers - 9%.^[9]

Growth of sales and purchase transactions in the office real estate market to 855 thousand square meters

In 2024, the volume of sales and purchase transactions in the Moscow office real estate market in terms of area reached 855 thousand square meters, which is a new record. For comparison, a year earlier this figure was estimated at 338 thousand square meters. Such data are given in the Nikoliers study, the results of which were published on February 4, 2025.

It is noted that in 2024, in the general structure of demand, 47% accounted for the share of transactions for the acquisition of capital real estate, 53% for lease agreements. A year earlier, these values ​ ​ were 20% and 80%, respectively. Analysts explain the sharp increase in the share of transactions for the purchase of objects by the fact that for customers the acquisition of an office provides a guaranteed amount of necessary space, excluding the risks of changing rental conditions against the background of rising rates - both for vacant premises and when extending the contract for a new period. In addition, in the formed economic situation, office real estate is considered as a "long-term protective asset."

The largest deal in 2024 was the purchase by Russian Railways of about 262 thousand square meters of space in the Moscow Towers skyscraper. In second place is the deal to acquire the multifunctional complex Slava (143.9 thousand square meters) by the Central Bank of the Russian Federation. Closes the top three deal for the sale of technopolis "Moscow" business center "Stratos" for 79 thousand square meters.

The study says that high profits, the presence of capital from companies and the scaling of Russian business generate demand for the purchase of capital real estate. In 2024, the key business sectors in terms of demand were transport and logistics (24%), state and non-profit organizations (20%), banks and financial companies (13%), IT and telecommunications (10%).^[10]

Sales of luxury apartments in Moscow soared by 60% over the year and reached 285 billion rubles

At the end of 2024, sales of apartments and apartments in the primary market of elite residential real estate in Moscow reached 285 billion rubles, which is an absolute record. This is 60% more compared to 2023, when the total amount of transactions in this segment amounted to 178 billion rubles. Such data are provided in the NF Group review, which TAdviser got acquainted with in early February 2025.

The total number of transactions in the field of elite Moscow real estate is also growing. If in 2023 1360 objects were purchased, then in 2024 - 1890, which became a new record and corresponds to an increase in the amount of 39%. It is noted that several factors contributed to high demand - the expansion of supply, as well as the implementation of flexible installment plans with minimal payments and individual payment schedules.

The operational withdrawal of new projects from top developers in iconic locations of the capital supported the interest of buyers and increased the degree of confidence in future investments, the study said.

In the premium class in 2024, 1,570 transactions were carried out, which is 49% more compared to 2023. In the deluxe segment, an increase of 5% was recorded - up to 320 transactions. At the end of 2024, in the primary market of elite residential real estate in Moscow, the supply volume reached a record 3 thousand lots, which corresponds to an increase of 33% on an annualized basis.

The weighted average price per square meter rose by 21% over the year and reached 1.95 million rubles in December 2024, which also updated the historical maximum of the primary market. In the premium class, the indicator increased by 14% over the year - to 1.06 million rubles, in the deluxe class - by 28%, to 2.26 million rubles. At the end of 2024, the most expensive offer of the primary market for elite residential real estate was presented in the Ostozhenka - Prechistenka clusters (3.47 million rubles per square meter) and Patriarch's Ponds (3.22 million rubles per square meter), as well as in the Chistye Ponds location (2.82 million rubles per square meter).^[11]

Growth in sales of parking spaces in residential buildings by 22.5% to 16.1 thousand units

"Metrium" Moscow At the end of January 2025, the analytical company reported an increase in sales of parking spaces in new buildings by 22.5% to 16.1 thousand units in 2024, despite the general decline in sales of residential real estate.

According to Kommersant, VSN Group also recorded an increase in the number of transactions by 16% to 14.8 thousand units, and 22.12 thousand parking spaces were sold in New Moscow, which is 33% more than in 2023.

Sales of parking spaces in residential buildings in Moscow for the year increased by 22.5%

MR Group Deputy General Director for Sales and Digital Marketing Leonid Savkov linked the growth to the deferred demand effect after record home sales in 2023. Managing Director of Metrium Ruslan Syrtsov noted that customers usually purchase parking spaces a year or two after buying an apartment.

Buyers are not deterred even by the rise in prices: the average cost of parking increased by 6.1% to ₽3,65 million, - Ruslan Syrtsov emphasized.

Vladislav Preobrazhensky, executive director of the Moscow Investors Club, pointed out the impact of the city's transport policy, including the liquidation of garage cooperatives and the expansion of paid parking zones.

VSN Group CEO Yana Glazunova predicts that demand for parking spaces will remain high in 2025 due to active apartment sales in the first half of 2024.

The founder of Best-Novostroy, Irina Dobrokhotova, noted the growing interest in parking spaces as an investment asset, since the profitability from their rental reaches 16% per annum, which is twice as much as the profitability from renting apartments.

According to the publication, at the end of 2024, the methodology for calculating the coefficient of transport accessibility changed, allowing developers to build 20% fewer parking spaces, which can lead to a shortage of parking spaces in areas with high demand.^[12]

Investments in office, warehouse and residential real estate in Moscow grew by 52% over the year and reached ₽848 billion

The volume of investments in real estate in Moscow in 2024 increased by 52%, reaching ₽848 billion, with half of the investments in the fourth quarter. Such data analysts IBC Real Estate led in mid-January 2025.

According to TASS, in the period from October to December 2024, the volume of investments amounted to ₽443 billion. A significant market share is occupied by office real estate - 43%, residential real estate - 30%, warehouse - 18%.

Moscow

Mikael Ghazaryan, Member of the Board of Directors, Head of the Capital Markets and Investments Department of IBC Real Estate, noted that more than 40% of transactions were acquisitions for the own needs of companies aimed at protecting capital and investing in their own infrastructure.

In the office and warehouse segments, the volume of investments exceeded the indicators of 2023 by more than twice. The segments of retail, hotel real estate and multifunctional complexes together accounted for 9% of investments.

The main factor that influenced the investment market in 2024 was tough monetary policy - the Bank of Russia raised the key rate three times. That has led investors to take a more cautious approach to classic investment deals.

According to IBC Real Estate experts, interest in the acquisition of high-quality real estate objects remains, but the time for transactions is increasing due to the need to find alternative financing and structuring capital.

The volume of investments in real estate in Moscow achieved in 2024 approached the total result throughout Russia for 2023. Traditionally, the largest number of purchase and sale transactions is completed at the end of the year, and 2024 confirmed this trend.

Over the past two to three years, the number of transactions aimed at acquiring real estate for the own needs of companies has increased, which reflects the desire of businesses to protect capital in the face of economic uncertainty.^[13]

Stone Mnevniki business center built in Moscow for ₽8 billion

On November 25, 2024, it became known that the Stone development company completed the construction of the first stage of the Stone Mnevniki class A business center in the Mnevnikovskaya floodplain of Moscow. The volume of investments in the implementation of the project amounted to ₽8 billion, financing was carried out at the expense of the company's own funds. Read more here.

Installation of electronic locks on non-residential premises sold at auction

The Moscow authorities began to actively equip non-residential premises with electronic locks, which are put up for sale through auctions. This was reported in the capital's mayor's office at the end of September 2024. Read more here.

In Moscow, it was forbidden to build apartments with an area of ​ ​ less than 28 square meters. m

On August 1, 2024, a mayor's decree came into force in Moscow banning the construction of one-room apartments in the capital, the area of ​ ​ which is less than 28 square meters. m. For two-room apartments, the minimum area is set at 44 square meters. m. It is specified that the area of ​ ​ apartments is calculated without taking into account balconies, loggias, terraces, cold pantries and apartment blocks. Vladimir Efimov, Deputy Mayor for Urban Planning Policy and Construction, has been appointed responsible for fulfilling the requirements.

Ostozhenka, Patriarch's Ponds and Yakimanka are the most expensive areas with residential real estate

Government agencies account for a third of all transactions with Moscow offices in Q1

This conclusion was reached by analysts at CORE.XP. Since the beginning of the year alone, various state-owned companies have rented about 62,000 square meters. m of class A facilities in the best areas.

The share of transactions with "state" in the first quarter increased 2.7 times compared to the indicators for the entire 2023.

2023

Reduction in the volume of new office construction by 15% to 291 thousand square meters

At the end of 2023, the volume of construction of new office premises in Moscow amounted to 291 thousand square meters - this is 15% less compared to 2022. Approximately 60% of the office space introduced during 2023 was implemented before the completion of construction. This was stated in a study by ILM, a consultant for the sale and lease of commercial real estate in Moscow, in early February 2024.

In 2023, the total volume of the market for high-quality office space in Moscow exceeded 22.8 million square meters. Of these, 25% belong to class A offices (5.7 million square meters), while 37% corresponds to class B + facilities (8.4 million square meters), and 38% (8.7 million square meters) to class B-. Compared to 2022, the increase in supply amounted to 1.2%, while in 2022 the total supply on the market rose by 1.5%.

Investors and end users have shown increased interest in acquiring offices since 2022, the study said. The need for quality space supports the demand for facilities under construction. 2023 showed the ability of the Russian real estate market to adapt very quickly to complex structural changes, economic instability, changing the "portrait" of the tenant and changing the investment climate.

Due to the increased business activity on the market, the total volume of net absorption, showing a change in office space occupied by tenants, reached 566 thousand square meters at the end of 2023, which is 474 thousand more compared to 2022.

If we consider the distribution of demand by areas of activity of companies interested in renting/buying an office, then at the end of 2023, trading enterprises occupy the first place with a share of about 16% of the total number of incoming applications. In second place is the IT sector, telecommunications and media companies - they account for 15%. The third place is taken by representatives of the construction industry with 10% of incoming requests.^[14]

In the warehouse real estate market of the Moscow region, a record was set for rental volume - 3.3 million square meters. m

In 2023, 3.3 million square meters were sold and leased in Moscow and the Moscow region. m of warehouse real estate, which is twice as much as a year earlier, and is a record indicator for the market. Such data analysts NF Group released at the end of January 2024.

According to the study, the average level of rental rates during 2023 increased by 55% and reached 8500 rubles per square meter per year. There are no prerequisites for reducing rates: the vacancy rate remains at the near-zero level, and the main consumers of warehouses are companies from the field of e-commerce and retail, actively generate demand for these objects, experts say.

According to them, one of the trends in 2023 was the rapid recovery in demand for transactions in the format of construction of a customer facility (BTS). By the end of 2024, the volume of warehouse real estate commissioning is predicted to grow to the level of 2-2.2 million square meters. m (compared with 1.05 million square meters in 2023) due to the significant number of concluded transactions under the BTS scheme in the previous year.

In 2023, about 1.05 million square meters were commissioned in the Moscow region. m of high-quality warehouse real estate, which is 1.9 times lower than the final indicator of 2022. The volume of speculative projects amounted to over 610 thousand square meters. m, exceeding similar indicators of 2021-2022, when 415 and 410 thousand square meters. m of speculative areas, respectively.

As Konstantin Fomichenko, partner, regional director of the industrial and warehouse real estate department of NF Group, noted, the warehouse real estate market demonstrated amazing stability in 2023 and continues to actively develop. The strategic trend for demand growth, which began in the pandemic (we are talking about the COVID-19 coronavirus pandemic) 2020, remains relevant, emphasizing the importance of warehouse infrastructure in modern conditions, he added.^[15]

Growth in sales of luxury real estate in Moscow to 1360 transactions

In 2023, 1,360 transactions with elite real estate worth 178 billion rubles were concluded in Moscow. The indicator in money was a record for the market, but 2021 remained the leader in terms of the number of transactions (then more than 1600 lots were sold). This was reported in January 2024 in the consulting company NF Group.

According to the study, the weighted average cost of a "square" of housing in elite new buildings in Moscow also became a record - it reached 1.618 million rubles. Over the year, the indicator grew by 6%. In 2023, the total number of apartments and apartments sold on the Moscow elite real estate market increased by 58% compared to 2022.

1,360 transactions with elite real estate worth 178 billion rubles were concluded in Moscow

Diverse projects enter the market, which allows you to close most of the needs of buyers of elite housing, says Andrei Solovyov, partner, regional director of the city real estate department at NF Group. According to the expert, in the short and medium term, one should not expect a large volume of supply.

On the one hand, developers are developing new sites and continue to work on existing projects, on the other hand, a high level of rates, an increase in the cost of project financing and an increase in the cost of construction "can put pressure on developers and slow down the launch of new projects on the market," Andrei Solovyov. Extensive discount programs and special purchase conditions from developers remained, and in the secondary market there was a decrease in quality supply, which made it possible to completely restore the previous level of purchasing activity in the primary market.

Such dynamics allow us to say that market participants are in new realities, accept a stable increase in the value of elite real estate and are even interested in it, the study notes.[16]

Record number of transactions for the sale of secondary housing - 174,952 (+ 32 %)

To Moscow In 2023, a record 174,952 secondary housing transactions were concluded, which is 32% more than a year earlier. Federal Registration Service This was reported in the press service of the Moscow department on January 17, 2024.

In 2022, 132.6 thousand home purchase and sale agreements were recorded in the secondary market of Moscow. The previous record took place in 2021: during that period, the Rosreestr Office in Moscow registered 170,939 transfers of rights on the basis of contracts for the sale and purchase (change) of housing.

As noted in Rosreestr, the trend towards a decrease in the number of such transactions in Moscow, which began in November 2023, remained until the end of the year. And in the IV quarter of 2023, the number of contracts decreased by 4.2% compared to the III quarter of the same year. So, in December 2023, the number of home purchase and sale agreements decreased by 3.4% compared to November 2023, to almost 14.9 thousand. However, compared to December 2022, the number of transactions increased by 5.9%.

Nevertheless, the fluctuations observed during the year did not prevent the final results from becoming a record for all the years of statistics - almost 175 thousand transactions per year. This is 1.3 times more than 12 months of 2022 and more than 4 thousand exceeds the previous record of 2021, - said Igor Maidanov, head of the Rosreestr Office in Moscow.

Realtors noted a reduction in supply in the secondary market of Moscow. According to Miel, in December 2023, the supply of secondary housing in the capital decreased by 8% by November. "Buyers with mortgages approved at old rates were in a hurry to exercise the right to buy housing by the end of the year," explained Ekaterina Berezhnova, chief analyst at Miel Group.

According to the SRG consulting company, for December 2023 and incomplete January 2024, secondary housing supply decreased by about 11%.^[17]

The volume of free space in Moscow shopping centers for the year decreased by 30%

By the end of 2023, 10% of retail premises were vacant in Moscow, by 4.9 percentage points (pp), or 30%, less than a year earlier. This is evidenced by the data of the consulting company Nikoliers, published on January 11, 2024.

According to the study, the volume of commissioning of retail space in Moscow in 2023 turned out to be the minimum over the past 20 years - a total of 50.7 thousand square meters. m of retail space against 281.4 thousand square meters. m in 2021. The average area of ​ ​ retail facilities introduced in 2023 amounted to 12.7 thousand square meters. m, which is 19.5% more than a year ago.

According to experts, in 2023, demand in the retail real estate market stabilized. Despite the high vacancy at the beginning of the year, when the indicator reached 15.6%, the vacated sites were able to fill with new tenants. Gradually, new tenants of the square are being found, which were previously occupied by the stores of the Swedish IKEA and the French Decathlon. The Europolis Rostokino shopping mall now houses the Lazurit homeware store on most of the premises where IKEA was formerly located.

By the end of 2023, Decathlon resumed its work, but under the new sign - Desport. Nevertheless, some sites have already gone to other tenants. For example, in the shopping center "Rainbow Park" in the east of Moscow, instead of Decathlon, a sporting goods store "Sportmaster" was opened. Also on the site of Adidas was the opening of the first ASP store with Adidas and Reebok products in Outlet Village "Belaya Dacha," Nikoliers notes.

Nikoliers partner Anna Nikandrova among the positive factors names the continuing plans for the active development of fashion retailers. The expert believes that due to the minimum commissioning of shopping centers in Russia in the past few years, there has even been a shortage of high-quality space for expansion.^[18]

Prices for new buildings in Moscow are near historical highs

By the end of June 2023, prices for new buildings in Moscow are near historical highs, which were reached in July 2022, but the rate of price growth has significantly decreased.

About 338 thousand rubles per 1 square meter - this is the cost of primary real estate in the city of Moscow.

2022

Decrease in the average area of new apartments to 55 meters and increase in the height of ceilings to 3 m

For 11 years, the average area of ​ ​ new apartments in Moscow has decreased from 82 to 55 square meters.

But the average height of the ceilings, according to data from Cian.ru, increased to 3 meters.

Decrease in the number of transactions with secondary housing by 22% to 132 thousand

The secondary housing market in Moscow at the end of the year sank 22.4% compared to 2021. In 2022, the capital's Rosreestr registered 132.63 thousand transactions in this segment. This is also less than in 2020 - by almost 11%.

In December 2022 alone, 14.03 thousand transactions on the secondary market were recorded, which is 31.1% less than in 2021.

Decrease in the number of transactions for the purchase of elite real estate in new buildings in Moscow by 44% to 900 transactions

As of the beginning of December 2022, the number of transactions for the purchase of real estate in elite new buildings in Moscow fell by 44% year-on-year, to 900 transactions. This is the lowest figure in the last five years, analysts at NF Group calculated.

The offer of new buildings in Moscow in November reached a record of 44.5 thousand apartments

The offer of new buildings in Moscow in November reached a record of 44.5 thousand apartments, the record of five years ago was broken.

2019: Growth in sales of luxury housing in Moscow to 102 billion rubles

In 2019, Moscow developers of elite housing increased sales by 32% to 102 billion rubles, according to a report by the consulting company Knight Frank.

2013

Jones Lang LaSalle predicted that in 2013 the total investment in Moscow real estate will be about $7.5 billion. Experts noted that the decrease in the indicator is not associated with a decrease in investment interest, but with a limited supply of liquid assets. In the first quarter of 2013, the volume of real estate transactions in Russia amounted to $2.1 billion, 96 percent of which was in the capital.

2012: Moscow in the top 10 of the world for real estate investments

Consultants emphasize that the Russian market has significant growth potential. Thus, investments in real estate in Russia account for 0.4 percent of the country's GDP, while in the UK - 2.1 percent. Russia's record investment at $7-8 billion is significantly inferior to that of other European countries (in the UK in 2012, deals for $52 billion were closed, in Germany - by $31 billion, in France - by $21 billion).

In the fourth quarter of 2012, the volume of investments in the market real estate Moscow (in finished facilities) amounted to about $3 billion, which allowed the Russian capital to enter the top ten world leaders in this indicator for the first time. This is stated in a study by Jones Lang LaSalle.

According to experts, Moscow shared 8-9 places in the rating with Washington. In the first position was New York, where investors invested $9.9 billion in the quarter.

• The second line with an indicator of $8.8 billion was taken by London,
• the third is Paris ($5.6 billion).
• The leaders also included Seoul ($4.7 billion),
• Seattle ($4.4 billion),
• Hong Kong and Tokyo ($3.2 billion each).
• Closed the top 10 Los Angeles ($2.8 billion^[19].

Earlier, the best post-crisis result for Moscow was line 11 in the third quarter of 2011, when the volume of investments reached $2 billion. The worst is considered the first quarter of 2010 (43rd place, 230 million dollars). At the end of 2012, Moscow took 13th place with an investment of $8.7 billion.

According to analysts, Moscow accounts for over 90 percent of real estate investments in Russia.

Notes