Average Cost of Moscow Apartments Grows by 17% over The Year

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According to TASS, the average cost per square meter of flats in Moscow grew by 17% in August 2021 compared to the previous year, while in St. Petersburg it increased by 34%, according to Alexei Popov, the chairman of the CIAN analytical center, TASS reports.

In August, the average projected transaction price in Moscow (excluding luxury real estate) was 189,000 rubles (a decrease of 1% in monthly terms and an increase of 17% in annual terms).

According to Popov, the average projected transaction prices in August in St. Petersburg were 189,000 rubles (an increase of 4% in monthly terms and 34% in yearly terms).

According to CIAN, there are 6,200 lots of flats for sale in Moscow today, which is 35% less than last year’s number, and 3,100 lots in St. Petersburg, which is a 37% reduction in volume in yearly terms. Sales have begun in 20 apartment buildings totaling 200,000 square meters in the city for the summer months.

Several residential complexes have been released in recent months as part of the rebuilding of former Soviet non-residential structures (unlike earlier years, when mostly pre-revolutionary manufacturing buildings were under reconstruction), according to Popov.

Apartment sales made up around 6% of the total number of registered equity participation agreements in both cities in the summer of 2021. In only eight months, nearly 4,300 apartment purchases were completed in Moscow, up 72% from a year ago, while 3,200 transactions were completed in St. Petersburg, up 21%.