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Moscow elite newbuild market to add over 30 projects

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Moscow elite newbuild market to add over 30 projects

More than 30 residential compounds may appear on the elite realty market in Moscow in 2017, the Penny Lane Realty company reports.

"Majority of developers have debts for the previous projects, so the only way out of the situation is to swim against the stream not to get drowned ", — Maria Riakhovskaya, Director for New Projects of the Penny Lane Realty company commented to the Interfax Realty.

According to the expert, taking into account the low buyer demand, more than 30 projects is too much for the price growth. If the economic and political situation in the country is favorable, the cost of a square meter of residential housing may grow by 10-15% at large.  

For reference, in 2016 524 deals totaling $749,8 m signed on the primary market of the elite housing in Moscow. As compared with 2015, the weighted average price of a deal grew from $10,500 to $10,600 for a square meter, according to the experts of Contact Real Estate.

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