Q1 results: apartments remain stable

Offer

According to analysts of Maris the number of commissioned apartment complexes in St.Petersburg and Leningrad region totals to 83 projects for23,099 units as the end of March 2022.

In Q1 2022 8 apartment complex were put into operation. In total market was replenished with 1,328 units.

Apartment complexes introduced in St. Petersburg, Q1. 2022

Source: Maris

As of the end of Q1, apartment complexes for almost 19,480 units (more 617,000 sqm) were at the stage of construction. Comfort class apartments occupy the largest share in the market structure. Compared to the business and elite class, they are more ambitious in terms of the number of units. Moskovsky and Vyborgsky districts of the city are leading in terms of the volume of supply.

12,441 units are planned to be put into operation in 21 complexes by the end of 2022. With a high degree of probability the deadlines for the commissioning of some projects will be postponed to 2023.

Apartment complexes to be commissioned in 2022

Source: Maris

Almost 80% of the supply in existing and under construction projects are provided by thirteen developers. In Q1 2022 two projects of apartment complexes for a total of 474 units were put on sale (IZZZI in 7 Line V.О. and VIDI).

Demand

In Q1 2022 1,312 units were sold in St. Petersburg, that is 6.8% less compared to the same period in 2021.

The absolute leader in apartment sales for the first three months of 2022 is the apartment complex Start, in which 238 units were realized.

Price dynamics

Average price growth for Q1 2022 was +6.6% (relative to Q4 2021). The average cost on the market increased by 57% relative to Q1 2021.