The main reason is a sharp decline in activity in the residential segment. Investment in residential real estate has fallen 2.8 times, to just 19 billion rubles, the lowest level in the past five years. Experts attribute this to expensive mortgages and rising construction costs: developers are forced to change their strategies, and the decline in demand for housing is directly impacting investment activity.
Interestingly, the investment structure has also changed: the share of commercial real estate has increased to 70%, while previously, it typically stood at around 53% over five years. The commercial segment is performing better: investments over the first three quarters reached 43 billion rubles, a 29% increase compared to last year, according to RBC.
Most of the transactions were in retail properties and hotels. In retail, five large transactions worth 16 billion rubles were recorded, including the sale of the Pulkovo Outlet and the purchase of a stake in the Leto shopping center. Investments in the hotel business increased 2.6 times, reaching 10 billion rubles.
However, the warehouse and office segments, which led last year, declined slightly, with volumes of approximately 7 and 6 billion rubles, respectively. Half of the transactions in these sectors were acquisitions for companies' own needs.
It could be said that St. Petersburg is currently experiencing a particular redistribution of investment: more attention is being paid to commercial properties and less activity in the residential segment.