2021 results: apartments risen in price by 60%

Offer

According to Maris analysts  the number of existing apartment complexes in St. Petersburg and the Leningrad Region has reached 75 projects for 21,771 units as of the end of 2021.

19 complexes were put into operation in 2021. In total, the market was replenished with 2,315 units. Apartment complexes for more than 20,487 units are under construction as at the start of the year.

Comfort class apartments occupy the largest share in the market structure. Compared to the business and high end class, they are more ambitious in terms of the number of apartments. The Moskovsky and Vyborgsky districts of the city are leading in terms of the volume of supply.

As at the end of January 2022, apartment complexes for more than 19,380 units (almost 638 ths sqm) are under construction. It is planned to put into operation 13,218 units in 23 complexes by the end of 2022. By the way, with a high extent of probability, the deadlines for the commissioning of some projects will be postponed to 2023.

Almost 80% of the supply in existing and under construction projects is provided by thirteen developers. 19 apartment projects were put on sale for a total of 4.467 units in 2021.

Demand

The main demand on the market is focused on service apartments, which guests of the city are traditionally interested in.

Rent is not typical for the high end segment. Apartments are mainly purchased by the end users for their own accommodation.

5,160 apartments were sold in St. Petersburg in 2021, which is 6.7% more than in 2020, when 4,834 were sold. TOP 5 apartment sales projects for 2021: Start, Pro.Youth, VALO, In2It, Salut. The main trend on the market over the past two years has been a steady increase in demand for the purchase of apartments for subsequent rental.

Price dynamic

Growth of the average price for Q4 2021 was +16.5% (compared to the Q3 2021). Compared to the same indicator in 2020, the average cost on the market has increased by almost 60%.