Demand Grows by 27.4% for 9 months of 2014
2014 october 29
The Petersburg Real Estate Consulting Centre has summed up the results of three quarters of 2014 in the market of housing under construction of St. Petersburg and of the suburban area of Leningrad Region. The volume of sales for the period from January to September amounted to 3.5 million sq. m, which is 27.4% more than it was sold for the 9 months of 2013. As of the beginning of October 2014, 89.7% of the annual volume of the last year’s demand have already been sold.
According to the Petersburg Real Estate Consulting Centre, in the 3rd quarter of 2014 the volume of closed transactions in the market of housing under construction in St. Petersburg and in the suburban areas of Leningrad Region grew by 3.1% as compared to the second quarter. At the same time, the volume of sales in square meters amounted to 1.09 million sq. m. This is comparable to the level of the second quarter, when the demand was 1.10 million sq. m, which shows the increase of the sales of small-size housing in the structure of sales.
In the 9 months of 2014, the volume of sales expressed in square meters amounted to 3.50 million sq. m. This is 27.4% more than in January-September 2013, when 2.75 million sq. m of housing under construction were sold. Thus, 89.7% of the aggregate volume of the demand of 2013 were sold for three quarters of 2014.
“This year the distribution of demand by quarters of the year has changed because of a number of foreign and domestic economic factors,” Olga Trosheva, Manager of the Petersburg Real Estate Consulting Centre, says. “The peak volume of sales was recorded in the first quarter of 2014. In the second quarter the market returned to the classical development scenario, and the demand stabilized. In the third quarter, volumes of sales remained high in the market in spite of a number of adverse forecasts. The market is differentiating more and more; major developers of the TOP-5 by the volumes of real estate under construction note a growth of the number of transactions in the third quarter. At the same time, a number of other players of the market note a stabilization or decrease of the demand.”
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