Now the average cost per square meter of luxury housing is 2.5 million rubles. According to forecasts, demand may decline by one and a half times in a year.
In Sochi, after a surge in sales, interest in expensive new resort buildings is waning as the market overheats. Potential buyers do not want to purchase real estate at exorbitant prices, and local developers have taken a wait-and-see approach and are in no rush to bring new projects to market, writes “Kommersant”,
As NF Group explains, the average cost per square meter of luxury housing is 2.5 million rubles. CIAN Analytics said 580 properties were sold in September, but there was a 10-12% decline in October.
According to forecasts, demand may decline by one and a half times in a year. By the end of the year, no more than 40 transactions are expected to be concluded, which is 45% less than last year. Experts believe that the Sochi real estate market will continue to develop due to its large scale, where the outflow of demand has not yet been felt. NF Group Partner Olga Shirokova says:
Olga Shirokova NF Group Partner ,
Sochi real estate expert Murad Sultanov says that demand has adjusted due to the fact that there is no housing left on the market that could satisfy the demands of luxury home buyers:
murad sultanov real estate expert sochi
According to the analytical department of the federal developer Neometry, in the third quarter of 2023, a third of all purchases on the primary real estate market in Sochi were made by Moscow residents. In June this figure was 20%. In general, at the end of September the share of out-of-town buyers not living in the Krasnodar Territory was 86%.