At the end of III quarter of 2022 for $ 1 million you can buy only 38 square meters in Moscow elite new buildings. A year ago for the same money it was possible to buy 60 sq. m.
Analysts of consulting company NF Group (ex-Knight Frank Russia) have made a rating of Moscow districts according to so-called “million index” (there is Forbes). This index tracks the number of square meters of elite housing on the primary market in a particular region, which can be purchased for a conditional million dollars. By the end of the third quarter of 2022 for the equivalent of this amount at a rate of 57.413 rubles per dollar in Moscow on the average 38 square meters of luxury housing in new buildings are available, which is 37% less than a year ago.
Andrey Soloviev, partner, regional director of NF Group, explains: “The reason for the reduction in the number of square meters for a conditional $1 million in Moscow was a combination of two factors. – Firstly, the cost per square meter in elite new buildings rose by 26%. Secondly, during the period under review we have seen strengthening of the national currency, and the difference in the exchange rate was more than 15 rubles.
In a breakdown by districts of Moscow, where elite real estate is built, the maximum change of the indicator was fixed at Plyushchikha and Chistye Prudy. In both locations, the number of square meters available “for a million,” decreased by 59%. In Plyushchikha, for this amount of money they can buy only 31 square meters against 76 square meters last year due to the significant price dynamics to the value of 1.847 million rubles per square meter (+92% for the year). The average weighted offer price on Chistye Prudy showed almost the same growth at a rate of 91% for the year – at the end of September the cost of a square meter was 2,201 million rubles, and for $1 million it was possible to buy 26 square meters.
The most “budget” areas were Danilovsky and Filevsky Park, where 75 and 98 square meters respectively. The fact is that these locations are new for the elite segment. In 2022 there was one new premium project each.