Аренда и продажа элитной жилой и коммерческой недвижимости Санкт-Петербург, Россия
Palvelut
ELIITTIASUNNOT VUOKRALLE
ASUNTOJEN MYYNTI
TOIMITILAT VUOKRATTAVANA

Analytiikka

15.07.10   Elite Rental Residential Market in Saint-Petersburg. Semiannual Report 2010

General Market Dynamics

Elite rental residential market in Saint-Petersburg was marked by the regular seasonal slowing down of market activity under the holidays and post holidays period – from January up to the middle of February 2010.

Starting from the middle of February 2010 a certain active demand was created by the corporate sector (requests from the large- and middle-sized companies) which gradually achieved its peak activity in the middle of May 2010 with the largest number of deals closed during this period.

The rent rate didn’t change dramatically throughout the first half of 2010 compared to the rent rate of the end of December 2009 for it had already reached its bottom value defined by the break-even point of the rented properties. In general the rent rates grew by 5-10% for the fits 6 months of 2010 which applies largely to the most liquid elite properties.

The minor growth of the rent rate was observed in May 2010. However it was caused by the currency exchange rate fluctuations (the exchange rate of Euro to Ruble started to fall at the beginning of February 2010 and reached its minimum level of 37, 206 rubles in May 2010).Therefore the registered increase of the rent rates reflected only its correction towards the Euro currency rather than the actual change of the property market value.

Rent apartments

Supply Structure. Elite Properties Location.

Status of the most popular districts accommodating elite properties as before belongs to the Central district of Saint-Petersburg famous for its “Golden Triangle” area enveloping Nevsky prospekt, Italianskaya, Karavannaya, Millionaya, Malaya Konushennaya Streets, etc. as well as the part of Admiralteisky district, especially its elite apartments overlooking Gribedov channel, Moika and Fontanka River Embankments and the Petrogradsky district with Krestovsky and Kamenny Islands.

Shortage of new construction in the historical centre of the city promotes great interest of the clients towards newly built elite houses entitling them as legendary, e.g. Le Grand house at Nevsky prospket 152, residential building from development company “Vozrojdenie of Saint-Petersburg” at 137, Nevsky prospekt, club residences at 1, Fontanka River Embankment and 12, Italianskaya Street and other demanded but not numerous properties.

The clients continue to show high interest towards the houses of Petrogradsky district, in particular Krestovsky Island, largely due to the convenient central location and better ecological conditions on the island.

Kamenny Island remains the most restricted private territory of the Petrograd district with the sporadic character of elite apartments supply.

Apartment rental

Request Structure

The apartments with the following characteristics enjoyed the strongest demand from the clients: elite apartments of total area of 80 - 150m2 located in the newly build buildings with well developed infrastructure and reconstructed historical houses with homogenous environment and contemporary security systems in the Central district of Saint-Petersburg.

Apartment for rent

General Market Trends

  1. Decentralization of the demand and supply on the corporate residential market. Due to the emerging of 2 new industrial areas in the South (factories of large industrialists like General Motors, Philip Morris, Toyota, Bosch&Siemens) and North-West (automobile cluster represented by the following large car-manufacturers: Nissan, Magna Cosma International, Hyundai, Suzuki, etc.) a new distinct demand for the business-class apartments located in the new residential complexes in the southern and northern parts of the city emerged on the market in addition to the traditional demand for the centrally located elite apartments. For many employees of the abovementioned companies, living in close proximity to the office allows to minimize the transportation time loss without sacrificing the quality of living conditions. Meeting this demand is possible nowadays mainly due to the active development of the northern part of the city and partial development of its South.
  2. In post-crisis environment the main Lessees of the elite apartments are still the largest international industrial companies. Inside the overall structure of the requests the applications from middle- and small-scale enterprises as well as private persons constitutes insignificant share.
  3. Corporate clients very carefully chose the professional broker to address their needs to since it guarantees elaboration of the optimal real estate solution when searching for the elite apartment, obtaining the most favourable for the Lessee rent terms and efficient defense of the Lessee interests.
  4. Rental market continues to demonstrate all the specific features of the Lessee’s Market: growing demands of the Lessee towards the apartments and the lease terms, flexibility of the Lessor in pricing policy (frequent decrease of the rent rate by 10% compared with the initially announced price in the course of negotiations) and readiness to implement the improvements in the apartment requested by the prospective Lessee.
  5. First half of the 2010 compared with the second half of 2009 was characterized by the general reviving of the elite rental residential market which was expressed in the growing number of requests, cutting of the rent rates decrease and even its slight increase of 5-10%. All together it marks the gradual market stabilization and a positive trend toward the demand and supply equilibrium.

Rent apartment