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Volume of Sales in New Construction Real Estate Market of St. Petersburg and Suburban Areas of Leningrad Region Grows by 14%

2014 may 07

According to the St. Petersburg Realty Consulting Center, in the 1st quarter of 2014 the demand for housing under construction in St. Petersburg and the suburban areas of Leningrad Region has grown by 14% as compared to the last quarter of 2013. 1.3 million sq. m of real estate, or 26,000 apartments, were sold in the new construction market. 

As Olga Trosheva, Manager of the St. Petersburg Realty Consulting Center, notes, usually the new construction market stabilizes in the first quarter: according to the established tradition, buyers’ activity is low at the beginning of the year. However, this year the volume of sales in the market of housing under construction in the first quarter was 67% higher than in the same period of 2013. This has been caused by currency fluctuations, inflation growth, expected growth of prices and mortgage rates, as well as by population’s desire to invest in a reliable asset.

The main growth of the demand was for inexpensive small-size apartments in mass-market class houses in lived-in areas of St. Petersburg and in the suburban areas of Leningrad Region. 

‘In the first quarter of 2014 the growth of the average supply prices in the new construction market was recorded for all classes of real estate and in all areas – in lived-in and administrative districts of St. Petersburg, as well as in the suburban areas of Leningrad Region,’ Olga Trosheva says. ‘Prices were increased by most of developers.  Among others, such big players as Setl City, LSR Real Estate – North West, GK Etalon, GK Polis, Glavstroi-SPb, YIT St. Petersburg, Lenstroitrest, Arsenal Real Estate and other companies increased their prices. At the same time, the number of special offers announced by developers has somewhat decreased. As a result, for the first quarter of the year the average prices rose in administrative districts of St. Petersburg by 5.9%, in lived-in areas by 1.8% and in the suburban areas of Leningrad Region by 2.3%. 


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