Moscow City apartment sales skyrocketed. What is in demand?

Moscow City apartment sales skyrocketed. What is in demand?
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The number of transactions with primary apartments in the Moscow City International Business Center, Russia, has grown by almost 40% over the year, the consulting company Knight Frank said.

According to the analysts, since August 2017, more than 430 primary apartments with a total area of over 34,000 square meters have been sold in Moscow City, which is 37% more than compared with the same period in 2016-2017. Almost 90% of the total number of transactions fell on units in the towers of Neva and Oko, the company said.

The most popular among the buyers were apartments with an area not exceeding 100 square meters. Such units accounted for 87% of transactions over this period of time. However, an average transaction amount has declined by almost 30% for the year, down to 33 million rubles. The weighted average price per square meter has also decreased during this period of time — by 3% and amounted to 508,000 rubles, the company says.

As a reference, Moscow City is a commercial district situated about four kilometers west of Red Square, in the center of Moscow. The project with a total area of sixty hectares is still under construction. The mixed-use complex of buildings is going to house business, residential and entertainment spaces, with some 300 thousand people expected to work and live there. There are six skyscrapers in Moscow City, with the Federation Tower being Europe’s tallest one.