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Luxury property sales dropped by one third in St Petersburg

Luxury property sales dropped by one third in St Petersburg

Number of premium-class housing decreased by 27% in St Petersburg. According to Knight Frank, only 20 000 sq meters of luxury housing were sold during first 6 months of 2017. Therefore, some experts see downside risks to the prices. However, it is worth noting that the average size of a property transaction increased by 11% and the area of a property increased up to 132.5 square meters. It means that people prefer to buy more comfortable and spacious at higher prices.

Today the most popular type of transaction in the luxury real estate market is transactions with ready-to-move-in options. It is mainly because of the fact that almost 70% of apartments on sale are in already-built houses or houses that will have been finished by the end of the year.


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