Q3 results: demand for apartments is declining

Offer

The number of commissioned apartment complexes in St.Petersburg and Leningrad region totals to 92 projects for 27,844 units as at the end of September 2022. In January-September 2022 17 apartment complexes were put into operation. In total market was replenished with 6,073 units.

Apartment complexes introduced in St. Petersburg for 9 months of 2022

Source: Maris

As on the end of Q3, apartment complexes for almost 19,600 units (more than 770,000 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 are leading in terms of the unit’s volume of entered. Nevsky and Moskovsky districts of the city are leading in in terms of the buildings under construction.

4.4 ths units are planned to be put into operation in 17 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 Q4 2022

Source: Maris

In January-September 2022, 17 projects of apartment complexes for a total of 7,312 units were put on sale.

 Demand

In January - September 2022 2,318 units were sold in St. Petersburg, that is 40.4% less compared to the same period in 2021.

Price dynamics

Average price growth for Q2 2022 in St.Petersburg was +6.3% relative to Q2 2022 and + 20,5% at the start  year.