The Moscow real estate market has seen a significant shift in 2024, with buyers increasingly favoring business-class and premium housing. According to recent data, business-class properties accounted for 49% of total sales, marking an 8% increase from the previous year. This segment saw 27,300 equity participation agreements signed, covering 1.6 million square meters.
The premium and deluxe segments also experienced growth, with 2,000 and 400 agreements signed, respectively. Combined, these high-end segments grew by 22%, now representing a larger share of the market. Meanwhile, the comfort-class segment, heavily reliant on mortgages, saw a 28% decline in sales.
The cancellation of mass preferential mortgage programs in July 2024, coupled with high interest rates, led to a sharp decline in mortgage-driven purchases. By December, mortgages accounted for only 37% of transactions, down from 59% earlier in the year. Installment plans offered by developers have become the preferred financing method, particularly for business-class properties.
"The past year has been marked by a shift in demand toward higher-priced segments. This trend underscores the need for innovative sales strategies, a focus on product quality, and enhanced customer service to meet evolving consumer preferences," said Arthur Kuleshov, Director of Analytics at MR Group.
A separate study revealed that Moscow buyers are prioritizing specific amenities in their new homes. The most sought-after features include walk-in closets (23%), built-in storage (15%), extra balcony outlets (13%), second bathrooms (12%), master bedrooms (9%), and laundry machine niches (8%).
As the market continues to evolve, developers are expected to adapt by offering more tailored solutions to meet the growing demand for premium and functional living spaces.
