Rental in Moscow: January figures
(Holiday Real Estate Advisor)
Rental market in Moscow remains unstable. In some segments is seen rise, but in others demand is continuing to fall. This applies both to retail space rental and apartment and office rental.
Renting of luxury apartment in Moscow - the demand for it in the Russian capital rose in January by 5%. Such data is given by RIA Novosti with reference to the report of the Moscow's largest expensive real estate rental agency IntermarkSavills.
Apartments costing more than 10000 dollars - the number of requests for its rent increased by 5% compared with December. Among the leading areas are Leningrad Prospect, Arbat and Tverskaya Street. Noticeably weakened interest in luxury real estate at Patriarch's Ponds, where demand for rentals fell almost 2 times, according to the website d-n.ru.
At the same time, falling of demand is observed in the segment of medium cost rental. Renting of apartments in Moscow for 4,000 dollars or less decreased by 7% compared with December's level of demand.
Trends in the real estate rental market in Moscow are characterized by gradual decrease in supply. This applies to both residential rentals and offices. Supply level for luxurious accommodation fell by 4%, the number of offers for budget apartment rentals in Moscow decreased by 18-22%.
Supply decrease will be observed in office rentals. So, according to analysts from Cushman & Wakefield, Moscow may soon face shortage of luxury office rentals. In this case rental rates for offices in Moscow are among the highest in the world. In Europe offices are more expensive only in London.
It should be taken into account that the growth in demand for rentals in Moscow in separate segments is still quite modest compared with the decline, which was observed in the market in December 2010. Then the demand for housing rentals has fallen by almost 25%, prices for apartments decreased from 1% to 10%.
Date: 19/02/2011
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