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City Realty » Apartments for sale » Market Statistics » Statistics on primary real estate market
Year End Results for 2004
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»» Sales in St. Petersburg
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»» Go to statistics on secondary real estate market
Primary Residential Real Estate Market St. Petersburg (newly constructed housing)
The city administration of St. Petersburg currently plans to complete not less than 3 million square meters of residential property per year. The city's chief architect has promised that by 2015, every citizen of St. Petersburg will be in possession of no less than 28 square meters.
On December 1, 2004 according to figures from the city's Construction Committee, the State Commission commissioned approximately 1.4 million square meters of residential space and approximately 600 thousand square meters were commissioned by New Years making for a total of 2.03 million square meters for 2004. Five residential buildings were built with funds from the city budget, the rest was financed by private investment.
Commissioning of Housing St. Petersburg 2000 - 2004
| Year |
New construction |
Reconstruction |
Houses and
blockhouses |
Total |
| bldgs |
Apts
‘000 |
Sqm
‘000 |
bldgs |
Apts
‘000 |
Sqm
‘000 |
bldgs |
Apts
‘000 |
Sqm
‘000 |
bldgs |
Apts
‘000 |
Sqm
‘000 |
| 2000 |
167 |
14,3 |
990,4 |
22 |
0,629 |
54,6 |
215 |
0,2 |
358,4 |
404 |
15,2 |
1080,9 |
| 2001 |
149 |
13,8 |
985,8 |
24 |
0,999 |
85,1 |
375 |
0,4 |
472,8 |
548 |
15,2 |
1118,2 |
| 2002 |
115 |
14,7 |
1048,5 |
32 |
0,969 |
97,7 |
389 |
0,4 |
675,4 |
536 |
16 |
1213,7 |
| 2003 |
221 |
22,3 |
1706,2 |
10 |
0,5 |
44,2 |
460 |
0,5 |
75 |
691 |
23,3 |
1757,9 |
| 2004 |
158 |
26,2 |
1863,9 |
24 |
0,980 |
88,9 |
342 |
0,3 |
79,1 |
524 |
27,6 |
2032 |
The average price of newly built standard housing increased by 20% over 2004. Currently, the average price per square meter of newly constructed residential housing is a little over $1000. As with the secondary market, prices rose until the beginning of the summer. Prices held steady until the beginning of the fall and then began to rise again, however, at a slower pace.
Construction companies state that the increase in prices is due to increases in prices for building materials, increase in utility prices as well as increases in overall commissioning costs.
Large scale differentiation is occurring between the demand for and prices of newly built elite residential property vs. standard newly built housing. Analysts predict that growth in prices of the more elite housing will outpace that of standard housing. Analysts predict a price increase in the elite real estate sector of 10-15% this year.
Sales activity, sales as a percentage of existing offers
Structure of sales by type of apartment in percent
City Average Prices $/sqm
»» Go to statistics on secondary real estate market
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