economy
Parking spaces in new buildings in Moscow have become 46% more expensive in a year amid a near halving of supply
The average cost of a parking space in new buildings in Moscow within the old city limits has increased by 46% over the year, reaching 5.4 million rubles, according to Kommersant, citing data from the consulting company Ricci. Simultaneously, the supply volume has decreased by 44% to 3.2 thousand lots.
TL;DR
- The average cost of a parking space in Moscow's new buildings has increased by 46% in one year, reaching 5.4 million rubles.
- The supply of parking spaces has decreased by 44%, falling to 3,200 lots.
- Factors contributing to the price rise include increased construction costs, fewer parking spaces in new developments, and a trend towards offering larger or EV-charging spots.
- The overall slowdown in the new housing market has led to a reduction in parking space offerings.
- Sales of parking spaces have declined by 15%, but demand remains more stable compared to apartment sales, which have dropped by 35.5%.
- A shift in supply structure, with a significant decrease in business-class parking spaces and a threefold increase in deluxe segment lots, is also driving up prices.
- Changes in urban planning requirements, lowering the minimum parking space provision norm, have led developers to build only the minimum required.
- Parking spaces are becoming a scarce asset, especially in densely built-up areas.
- Experts anticipate continued price growth for parking spaces as interest rates decrease and housing demand recovers.