The analysts of the federal property developer FIVE provided insight into the resort real estate market in Russia in 2022. The main result of this year has been an unprecedented demand for expensive housing.
Various segments developed in different ways: the price per square meter of premium-class facilities increased by 28% over the past year, business-class housing and apartments became more expensive by 12%, while the prices for comfort-class housing dropped by 10%.
Upon closer examination of the main indicators that characterize all three segments, an even more intriguing picture is beginning to emerge. The number of transactions related to comfort-class real estate increased by 6% as compared to the beginning of the year, while the growth in the business-class segment amounted to 70%. However, the most impressive figures can be found in the premium-class segment of real estate: the number of transactions increased by 127% as compared to the beginning of the year. These indicators, together with the dynamics of prices, allow us to come to the conclusion that this year it was premium-class real estate that enjoyed invariably high demand in Sochi.
The demand reached its peak values in March, when the number of transactions increased by 17% in mass housing, by 200% in business-class segment, and by 173% in premium-class real estate market.
There were also periods characterized by a drop in demand: the most significant decrease in the pace of sales was observed in September, when transactions both in premium-class and economy-class segments dropped by 70% and the business-class real estate market also declined by 69%.