Overview of Moscow’s residential housing market
In 2021, INTECO’s market segments saw continued growth in demand and prices, building on a similar trend a year earlier. This helped strengthen the Company’s standing as a leading player in Moscow’s residential housing market.
INTECO operates primarily in the markets of comfort, business, and premium-class residential real estate within the “old Moscow” area (within the Moscow Ring Road). In 2021, all of these markets enjoyed the strongest demand and price growth in the past six years. In the reporting period, the new housing supply increased by 21.2% year-on-year, driven, among other things, by the growth in demand due to the rise in mortgage rates in the first half of 2021. An increase in supply was recorded in all market segments, with the highest growth registered in the premium and elite-classes.
Despite the tighter competition, INTECO was still able to deliver strong results, ranking in the Top 15 list of developers in terms of sales within the “old Moscow” area and Top 10 in terms of revenue. The high demand for the West Garden project helped us make it into Top 10 of developers by sales in the