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5.16 Million Sq. M of Housing are Sold in New-built Houses in 2014

2015 january 26

According to the Petersburg Real Estate Consulting Center, the volume of sales of housing under construction in St. Petersburg and in the suburban area of Leningrad Region grew by 32% in 2014 as compared to 2013. 

According to studies conducted by the Petersburg Real Estate Consulting Center, 3.9 million sq. m of housing under construction were sold in the city and in the suburban area of the region in 2013. At that moment, that was the record indicator. In 2014 the record was cracked: never before had there been sales at the level of 5.16 million sq. m in the new construction market of the region. This was 32% more than in the previous year. 111,300 apartments were sold last year, which was 37.4% more than in 2013. 

The 1st and the 4th quarters were the periods of the keenest demand for housing under construction in 2014. The maximum sales volume, 1.66 million sq. m, was observed in the last quarter of the year, when the falling rouble exchange rate caused a stampede demand for real estate in new-built houses. This was 51.5 % more than was sold in the previous, third quarter of the last year. 

“Housing in buildings under construction in the mass market segment was in the keenest demand in the new construction real estate market throughout the year,” Olga Trosheva, Manager of the Petersburg Real Estate Consulting Center, says. “The share of this class in the demand structure was 93%. Liquid small-size apartments – studios, one-room flats, and, rarer, two-room flats – were the most popular. By the end of the year, housing in sites under construction in the suburban area of Leningrad Region was being bought by as many as more than 37% of buyers, and the rest chose houses under construction within St. Petersburg.” 

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