The key facts

  • St. Petersburg leads in the number of unsold 'palace-style' apartments, followed by Rostov-on-Don and Krasnodar
  • In Moscow, the share of lots up to 30 million rubles fell to 54% (−9 p.p. over the year), while the share of lots above 60 million rose to 13%
  • The highest concentration of 'luxury' apartments in the capital is in the Vorobyovy Gory residential complex

St. Petersburg has become the leader in 'palace-style' apartments

St. Petersburg has overtaken Moscow in the number of apartments in a 'palace' style that have been put up for sale but not sold. This was reported by Irina Zharova-Wright, a representative of the Association of Luxury Real Estate Agencies (AREA), as cited by Gazeta.Ru. 'The largest number of apartments stuck on the market in a 'palace' design style, surprisingly, are located mostly not in merchant Moscow, but in the refined St. Petersburg,' she said. According to her, Rostov-on-Don and Krasnodar rank second on this indicator.

What is happening on the Moscow market

Zharova-Wright also noted that the highest concentration of 'luxury' apartments in Moscow is in the Vorobyovy Gory residential complex. This observation is consistent with earlier data on a shift in the structure of supply in the capital: according to a study by Upside Development and the consulting company Nikoliers, over the past year the share of lots priced up to 30 million rubles on Moscow's primary new-build market fell by 9 percentage points — to 54%, while the share of lots priced above 60 million rubles grew by 4 percentage points — to 13%. Earlier, the most expensive apartment in Moscow was valued at 8.3 billion rubles.