The demand for luxury real estate in St. Petersburg has halved. At the same time, the prices for such housing continue to grow, during the year its cost increased by 30%. Analysts from consulting firm NF Group shared the data.
From January to March 2023, developers only sold 38 luxury apartments. At the same time, the indicators for the same period in 2022 were 60% higher. During the year, luxury real estate in St. Petersburg increased by 30%, its average cost was 73 million rubles.
“On the investor side, in fact, the share of those who buy lots at the construction stage has decreased significantly. Some of them have refocused on the secondary market in the classic rentier scheme, forming a pool of ready-made properties for rent,” said Tatyana Lyubimova, director of the elite residential real estate department of NF Group.
In addition, the specialist noted that prices are “fading” in the primary market for elite real estate. At the same time, apartments in the secondary market are financially more attractive than new buildings.
“In this regard, some developers are warming up demand with discounts of up to 30%, or offering storage rooms and parking spaces as gifts. In new projects, developers try to add exclusive details that qualitatively separate their offer from the secondary market,” Lyubimova said.
Earlier, The Eastern Herald in St. Petersburg wrote that prices for alluvial apartments have jumped 3.2 times since 2018.
