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New Elite Class Residential Buildings of St. Petersburg
Blackwood International Ltd., Sep 2009
The elite residential real estate occupies a special place in the market. The high quality of buildings, unique architectural design of their facades, state-of-the-art engineering systems and prime location make them the best offer in the market. In each part of the city, the elite residential properties have distinctive features.
In the Research, Blackwood’s experts analyze the market of new elite buildings of St. Petersburg including such aspects as criteria, main developers, volume and price indicators, distribution, price dynamics starting from 2007. Besides, the Research has a special focus on comparing the segment of new elite buildings in Moscow and St. Petersburg: the number of buildings in supply, price level and crisis impact.
We’ve analyzed 33 new elite buildings with apartments offered in the primary market. Most of them are located in Central and Petrograd districts. As of August 2009, the average price of 1 sq. m. in the elite homes of St. Petersburg amounted to $6.100, this index is 167% higher in Moscow reaching $16 300 per sq. m. We should mention that prior to the crisis, the price gap was less dramatic.
The crisis situation affected the segment of new elite buildings in Moscow and St. Petersburg in the same way: decrease in demand and in the number of deals, discounts offered by developers, decline of average price level, etc. However, there’re some differences in the decline paces and main critical points. On the whole, the prices of elite buildings in St. Petersburg declined more than in Moscow.
This Research targets both professional market players (developers, analysts, real estate agents, consultants) and potential buyers of residential properties who seek to get the whole picture of the elite residential property market of St-Petersburg. This Research may also prove interesting for companies contemplating elite class development projects.
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