Krasnodar, 1 April. Sochi was chosen as one of the three cities with the most expensive luxury housing in the world. The report published last week by the consulting firm NF Group shows the amount of prime real estate that can be purchased for $ 1 million, or according to its estimates of “a million dollar index.” A 29-square-metre luxury apartment in Sochi costs $1 million.
According to Olga Shirokova, NF Group Consulting and Analytics Director, Sochi will remain the most sought-after Russian city for buyers of elite housing.
However, our experts were quite sceptical about this report. They reminded that the elite housing segment in Sochi is not as big as it might seem.
“Formally, this report was drawn correctly, but it would not be fully correctly to compare luxury housing [in Sochi] with that in New York and other popular cities,” noted Ilya Volodko, consulting company MACON Director General. “The prime realty market in Sochi includes only a couple of facilities, so one cannot refer to it as a mass phenomenon. It is an extremely narrow segment, in which the yearly number of transactions would hardly exceed a hundred.” According to the real estate development company Nedvex, the demand for realty in Sochi preserved and remained stable in 2022, because the region still experienced deficit of new high-quality offer. Buyers were peculiarly interested in upmarket real estate: the number of transactions in that segment grew by 7%, and their share nearly doubled (from 17.3% up to 30.2%).
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