Knight Frank: 60 square meters of housing can be bought in Moscow for a million dollars dollars – the lowest level since 2014. This is reported by Forbes, citing research by the consulting company Knight Frank.
The size of housing available to wealthy buyers has decreased by 36 percent – in the third quarter of 2020, the figure reached 94 square meters. A record minimum was recorded in 2014 – for a million dollars it was possible to buy 54 “squares” of elite housing.
According to analysts, by September 2021 at Patriarch's Ponds, which are considered the most expensive area of Moscow, for a million dollars it was possible to buy 25 square meters – 8 “squares” less than in 2020. In the areas of Ostozhenka and Prechistenka streets, as well as in Zamoskvorechye, the amount would be enough for 35-36 “squares”. The most affordable options for elite housing were found in the Presnya and Ramenki districts – 86 square meters and 92 square meters, respectively.
Experts explained the reduction in space by a record 42 percent rise in prices. A similar dynamics was caused by a decrease in supply due to high activity of buyers, an increase in construction costs and an increase in prices in new buildings.
Earlier, Knight Frank experts recorded in Moscow a significant reduction in the exposure for the purchase of elite housing in new buildings – since September 2020, the total the volume of supply of apartments and apartments in this segment fell by 43 percent. The greatest decrease in the choice of elite housing was noticed in the area of Patriarch's Ponds.