Traditionally, developers have dominated the primary real estate market during the planning or construction phase. The pandemic and the decline in demand led to the impossibility of implementing many projects at these stages, and they could be implemented only after completion as a finished property.
Developers have sold 11 303 luxury real estate objects for the current year 17 286 objects at the construction stage (note: off-plan). 38% of transactions in the finished property market were for projects sold directly by developers.
The secondary market for finished housing provided 62% of all transactions.
October 2021 was the best in the last eight years. Five thousand three hundred fifty-two transactions were registered with a total value of $ 3.59 billion. Thus, over ten months, 48,651 transactions with a total value of $ 48.3 billion were registered on the market. This cost is already 63.4% more than for the entire 2020 and the highest since 2015.
60% of transactions in October fell on the secondary market and the finished property market, 40% on off-plan. The latter accounted for 2,133 objects with a total value of $ 1.19 billion.