Moscow Luxury Housing Sales Hit Record $1.8Bln in 2024

Luxury housing sales in the Russian capital reached a record-setting 174 billion rubles ($1.8 billion) in January-September 2024, the Vedomosti business daily reported Tuesday, citing research by real estate company NF Group.

The 1,270 luxury apartments sold in Moscow so far this year were up from 860 sales worth 110 billion rubles ($1.14 billion) in January-September last year and 690 sales worth 75 billion rubles ($780.6 million) in the first nine months of 2022.

Experts attribute the rise to the launch of major new luxury housing developments, with another record-setting current supply of 4,200 apartments in the segment.

The market has also suffered less from rising key rates and the halt of President Vladimir Putin’s mortgage subsidies program.

High-end apartments averaged 2.49 million rubles ($25,900) per square meter in the third quarter, up 14% from three months earlier.

Experts tell Vedomosti they expect demand for premium and deluxe apartments to keep rising into the end of 2024.

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia’s Prosecutor General’s Office has designated The Moscow Times as an “undesirable” organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a “foreign agent.”

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work “discredits the decisions of the Russian leadership.” We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It’s quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you’re defending open, independent journalism in the face of repression. Thank you for standing with us.

Continue