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Volume of Sales in New Construction Market Grows by 20%

2013 october 28

According to the St. Petersburg Realty Consulting Center, over 1,000,000 sq. m of housing under construction were sold in St. Petersburg and in the suburban areas of Leningrad Region in the third quarter of 2013. This was more than 22,000 apartments, 20% more than in the second quarter of this year. There have been already several quarters on end, in which about 1,000,000 sq. m of newly built real estate have been offered in the market in St. Petersburg and the suburban area of Leningrad Region. Thus, in the 3rd quarter of 2013, too, sales started in sites, the area of apartments in which amounted to 1.29 MIO sq. m. Supply in the new construction market amounted to 3.66 MIO sq. m as of the start of the 4th quarter. Vsevolozhsk District of Leningrad Region remains the leader by this indicator. “The summer and beginning of autumn in the new construction housing real estate market have been active,” Olga Trosheva, Manager of the St. Petersburg Realty Consulting Center, says. “For several years on end there has been no seasonal decline in demand in the summer period. According to our information, over 22,000 apartments have been sold in the new construction market of St. Petersburg and the suburban area of Leningrad Region. The increase in the number of transactions, as compared to the previous, second quarter of 2013, has amounted to 20%. To compare, only about 15,000 apartments were sold for the same period of the past year, 2012.”

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