PIONEER Leads Premium Real Estate Sales in Q3 2024

PIONEER recorded sales of 12,000 square metres from July to September 2024, making it the leader among the top 5 premium-class developers in Moscow.

According to PIONEER’s analysts, over 1,000 transactions for premium-class apartments, totalling nearly 75,000 square metres, were registered on Moscow’s primary market in Q3 2024. Compared to the previous quarter, sales volume decreased by 15%, while year-on-year demand increased by 1%.

The top five premium developers by sales volume in the third quarter were PIONEER, MR Group, Forma, Sminex, and Absolute Premium. These five players accounted for 55% of the total sales volume in the premium segment.

By the end of Q3 2024, PIONEER’s share of premium sales for the quarter was 16%. The developer sold 12,000 square metres, nearly half of which came from the HIGH LIFE skyscraper complex. The average unit size sold across the portfolio was 70 square metres.

The comfort and business-class new build markets faced a much more challenging quarter. With an increase in the key interest rate and adjustments to subsidised mortgage programs, demand in these segments fell significantly. Year-on-year sales volumes decreased by 48% and 33%, respectively.

“Real estate remains one of the most reliable and comprehensible investment options. As a result, in market segments where there is no direct correlation between demand and mortgage rates, sales volumes have slowed only slightly. Consequently, the share of premium apartments in new build sales exceeded 11% in Q3, up by 4 percentage points from the same period last year. Compared to two years ago, the share of premium housing in demand has tripled,” commented Ekaterina Petrova, Director of Analytics and Marketing Concepts at PIONEER.

By the end of Q3 2024, the total supply of premium-class apartments in new developments reached 373,000 square metres. The average price per square metre increased by 3% over the quarter to 834,000 roubles, with an 18% increase since the start of the year.