“However, the average cost per square meter in transactions since the beginning of the year has increased – by 1.5% in Moscow, from 296.6 to 301.1 thousand rubles, by 2.2% in the Moscow region – from 173.9 to 177.8 thousand,” Klapaniuk said.
She added that if we compare the first three months of 2024 with the same period last year, the number of concluded contracts for the purchase of new buildings in the capital’s market is almost the same.
“That is, we can conclude that after a period of excessive demand, which was observed in the residential real estate market in the second half of 2023, the expected cooling has occurred and the segment is coming to equilibrium. Despite the nominal increase in prices, developers see that in general the demand for new buildings decreased in the first quarter, so today they are most likely ready to offer a good discount to a buyer with cash or a mortgage,” the expert said.
Klapanyuk explained that the decrease in demand compared to the end of last year was caused by a number of factors. Firstly, January and February are months of low demand, so a decrease in buyer activity after the New Year is a traditional phenomenon.
“Secondly, the tightening of the conditions of preferential mortgage programs adopted at the end of last year had a particularly strong impact on demand. In particular, for a standard mortgage with state support, the down payment was increased to 30%, and the maximum loan amount in Moscow and the Moscow region was reduced from 12 to 6 million rubles. With such a budget, it’s practically impossible to buy anything in the capital,” the specialist explained.
She summarized that as a result, the program, which was previously the most popular among buyers of new buildings, has ceased to be in demand.
