Moscow's most expensive apartment available for nearly $29 million

As of the end of June 2012, initial sales in the segment of premium-class residential real estate in Moscow were conducted in 36 elite complexes (excluding the "Moscow City"). The complexes included more than three thousand apartments with the total area of ​​approximately 510,000 sq.m.

According to experts, the volume of available premium class primary housing in Moscow at the end of June amounted to about 1.25 thousand apartments, or approximately 218,000 sq.m. With the current level of demand on such offers, the supply will last for 2.5-3 years.

The most expensive initial proposal in June was a penthouse of ​​826 sq m. on Ostozhenka Street for 28.9 million dollars. The "cheapest" was a flat of ​​57 square meters in Tverskoy district priced at 0.7 million dollars, reports

The Moscow real estate market has faced an unusual situation. Prices have been growing despite the availability of new projects, mainly due to strong demand. As a result, some developers pushed the prices of their objects up by almost a third since the beginning of the year. However, there are no apparent reasons for such a development on the market, experts said.

This year, the demand on the elite real estate market is based on several factors. First, luxury apartments were in high demand because of the new election cycle.  It is no secret that officials make the lion's share of buyers on this market. Increased demand was recorded in February - it was about 2.5 times higher than in January, which was largely due to the political situation in the country and, in particular, with the desire of buyers to close their deals before the presidential election.

In the spring of 2012 the demand for luxury housing was fueled with the traditional seasonal revival of the market.

All this was happening against the background of the coherent struggle of the Moscow authorities against new projects and the revision of previously concluded investment contracts. As a result, effective demand and the shortage of supply led to higher prices.

According to forecasts, by the end of the year the cost of housing of the upper price range could grow to 15-17%.

The situation is even more surprising because growth does not happen any more in other segments of the Moscow market.

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Author`s name Editorial Team