Since the beginning of this year, from January to June, construction companies operating in the capital’s real estate market received a total amount of 600.31 billion rubles. This is 96.3% from the same period last year. Despite this, it has not yet been possible to restore sales in two segments: comfort class properties in the “old” areas and business class properties in new areas.

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Specialists from Urbanus. ru note that in the second quarter, developers managed to make up for the shortfall in revenue that was observed in winter and early spring. The situation on the real estate market in Moscow has stabilized by the summer of 2023, and the volume of financial receipts has approached the levels of the previous season. Over six months, developers’ reserves increased by 600 billion rubles, which is only 3.7% less than a year earlier. Particular difficulties arose with projects in the TiNAO, which represent the business class. Some of them had already been put into operation and were not taken into account in the statistics of equity participation agreements, while the demand for others decreased significantly, which led to a decrease in revenue in this segment by 42.0% – from 30.0 to 17.4 billion rubles. However, the financial performance of most of the new Moscow market remained virtually unchangedand experts estimate it at approximately 72 billion rubles.

In the “old” areas, the mass market suffered the most. Companies specializing in this segment decreased their revenue by 13.3%. In the first six months, apartments and comfort-class apartments were sold in the amount of 203.7 billion rubles, while a year earlier this figure was 234.8 billion rubles. The elite and premium segments, despite the outflow of part of the audience and the decline in consumer activity, remain stable. In six months, 95.2 billion rubles were invested in the purchase of high-budget real estate, which is close to the figures for the first half of 2022 (98.0 billion rubles). Business class became the only driver of growth in “old” Moscow, with an increase in the inflow of funds into this segment by 12.1%. In the first six months, 10 thousand objects were sold for a total amount of 211.8 billion rubles.

The situation in the construction industry is still far from optimal. Compared to the pre-crisis months, the beginning of 2023 looks less successful. Revenue in January lags by 31.0% and in February by 44.2%. The first time revenue rose above 100 billion rubles was only in March. In the second quarter, developers managed to receive 334.72 billion rubles, which is one and a half times more than a year earlier. However, it is worth remembering that April and June 2022 were a time of deep post-shock depression and cannot be considered a representative period.