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Premium class estates in St. Petersburg’s suburbs: demand exceeds supply

Premium class estates in St. Petersburg’s suburbs: demand exceeds supply
07/04/2016
St. Petersburg
Colliers International consultants have analysed the most popular rural residential opportunities that exist in close proximity to the city boundaries.

Colliers International consultants have analysed the most popular rural residential opportunities that exist in close proximity to the city boundaries. According to the company, the high-class rural real estate market is now characterised by a decreasing supply that can lead to shortage of finished houses in the suburbs of Saint Petersburg. During the last year, not a single new developer project entered the premium rural real estate market.

In 2015, two new estates in the high price segment were on sale there; however, they did not fully correspond to the ‘elite’ class products. Given that sales of premium segment houses in rural areas remain stable in the short term at a market average of 1.5 properties per quarter, with no new projects announced, by the year-end, we can expect shortages in the supply of permanent housing priced ₽60 million to ₽150 million located in close proximity to the city.

Time seems to be the most valuable asset for those wanting to acquire this type of rural real estate. This is why houses built for permanent living with accessible transportation are in high demand, namely rural segment projects being built in the cottage estate format in picturesque suburbs within 20 km from St. Petersburg. Given that no more than 20 high-class cottage settlements are available on the market today, fewer than a half of them can be used for permanent living. However, the premium construction zone for the permanent living has been gradually expanding due to transport infrastructure development. In this respect, the Kurortniy district is the absolute leader – the range of locally built projects of this kind has expanded five times – from 10 km to 50 km. In the direction of Vyborg, projects of this type are now being built 20 km away from the city, compared to a 10-km range five years ago. The development of the road network towards Novopriozersky has resulted in a number of high-class cottage estates that have become a basis for the future development of the entire district. Premium supply has started to emerge towards Pavlovo due to the proximity of the developed infrastructure in that town; the same is happening in the Moskovsky district of St. Petersburg. On the other hand, Vsevolozhsk and Toksovo, which were popular not so long ago, are showing negative growth in the high price segment today, mainly because of new mass-market-class estates that have emerged in those areas, thus worsening the local transportation situation and increasing social heterogeneity. Only projects with a waterfront location now have a chance to maintain their high status there

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