Residential property supply in Moscow hits 11-year record
Residential building in Moscow reached its highest number since 2005 in October, with In October, 291 projects in progress, IRN Consulting research company said in a study published on November 1.
Meanwhile, the total number of flats on sale increased 5% month-on-month to 21,829 in October, while the total area grew 4.6% to reach 1.46mn sq metres.
According to IRN, the average square metre price in new apartments declined 2% m/m in October to RUB197,500 ($3,108).
The number of residential property deals increased 69% m/m to 23,535 in October, according to data from the property registry office.
However, the situation in Moscow region, where residential construction has been increasing for many years, seems to be different, and the size of annually erected residential construction is shrinking from 10mn sq metres to 7.5mn sq metres.