New buildings of “old” Moscow near the river have risen in price by one and a half times in five years

The number of new buildings and reconstruction projects located within a radius of 500 m from the rivers of “old” Moscow has increased by 72% over the past five years.

At the same time, the average price of 1 sq. m in such complexes has grown by more than one and a half times – by 56.4%, analysts from Regions Development and Metrium told Izvestia on August 14.

According to experts, by the end of July 2023, the primary market of “old” Moscow had 12,560 apartments in 86 new buildings and reconstruction projects near rivers: in 66 complexes near the Moskva River, in 17 residential complexes near the Yauza, in three Gangway. Five years ago, the number of lots was 9350 in 50 projects near the rivers. Since the third quarter of 2018, the supply of such housing has increased by 34.3%, and the number of projects in such locations has increased by 72%.

Over the past five years, the distribution of supply of new buildings near the river by districts of the city has also changed. At present, the leaders in the number of such housing are the South Administrative District, the North-West Administrative District, and the Central Administrative District.

“In recent years, there has been a trend towards the formation of prestigious locations in areas adjacent to the water. Such areas are more suitable for family living. Locations near rivers guarantee a favorable natural environment and picturesque panoramas, so developers are creating new premium residential clusters in them,” said Lilya Artsibasheva, commercial director of Regions Development.

According to her, the trend towards the environmental factor when choosing an apartment has become a driver of land development in the city.

According to analysts, Q1. m in the capital’s new buildings near the rivers in July this year cost 515.7 thousand rubles (in 2018 – an average of 329.7 thousand rubles).

“The average price of new buildings in river locations exceeds the average price for the entire “old” Moscow by 6.1%. This is a small overpayment, given the high liquidity of residential complexes near the rivers. Such projects are rapidly becoming more expensive and are in high demand, so apartments in them can be profitably and quickly converted into money,” said Ruslan Syrtsov, Managing Director of Metrium, adding that city authorities and developers are paying attention to the improvement of coastal areas.