The apartment market in St. Petersburg shows a historical maximum

Рынок апартаментов в Санкт-Петербурге показывает исторический максимум

The apartment market in St. Petersburg shows a historical maximum

In the first half of this year, 8.7 thousand new apartments with a total area of 243,400 sq. m. This is a record for the entire history of this segment in the Northern capital.

The first half of 2019 in the market of service apartments St. Petersburg repeatedly beat the indicators of the whole last year - 2,530 rooms (70,770 sq. m.). A similar boom in this format was observed two years ago. In 2017, 6,000 rooms were put up for sale.

In total, over the past 5 years, in the primary market of Petersburg appeared 1 million square meters. m, these are 48 projects. According to experts, in the next two years, 4 more will enter the market, 5,000 lots in service format complexes.

The primary business-class real estate market, like the mass market, added 4.9 percent in the first seven months of 2019. The average cost purchasing an apartment at the moment is 175.8 thousand rubles/sq. m. Most of all, the cost of purchase of an apartment added precisely in the mass market segment, or rather, in the territories outside the ring road in the city and suburbs: by 6 percent to 76.8 thousand rubles/sq. m.

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The apartment market in St. Petersburg shows a historical maximum