Throughout this issue we’ve been highlighting the many advantages of owning a penthouse. Without exception, they feature spacious living areas with panoramic views and terraces and, being located on the upper levels of a building, offer the opportunity to make their design ultra-special.
Julia Kalinina, sales director of the design studio AvKube, says, “Today in Moscow there is a choice of penthouses in the luxury segment and we forecast that the demand for those with finished quality interiors will increase. The finished interiors increase the buyers’ interest in the offer, and also allow the seller to increase the cost per square metre. Since each project is exclusive, we recommend that our clients take into account all of its characteristics in order to develop a unique and sought-after interior.”
According to Oleg Torbosov of Whitewill Real Estate Agency in Moscow, there are nearly 600 penthouses in the Central District of Moscow, of which about 150 are on sale currently. “Buyers especially appreciate views of the Kremlin, Stalinist-style, Gothic skyscrapers, churches and the Moscow River. Bankers, representatives of big business and persons from the list of Russian Forbes are main buyers of penthouses in Moscow. Through a time of sanctions, in 2017, top-managers of state corporations bought the most notable lots from the number of penthouses.
“Ostozhenka, Patriarshiye Ponds and Nikitskiye Streets are the most popular and expensive districts in Moscow. The prices for top penthouses in these places amount to $20,000-$40,000 per square metre. The cost depends on the presence of a terrace, large panoramic windows, absence of neighbours on the floor, several levels, a pool and a helicopter pad. Good penthouses remain rare and a unique commodity; this is why their prices remain at a decent level.”
Emerging trends
Mr Torbosov reports that new trends in penthouses have emerged during the last five years. Previously, the average size of the apartment on the top floor was 700-1,000m²; currently, the size of penthouses in new buildings amounts to 350-400m². “At the same time,” he explains, “the Russian climate with four warm months in the year has adjusted the size of the terraces. Before, when buying a penthouse, it was necessary to pay also for half the roof under a terrace of up to 500 metres, now terraces amount to 100-150 meters. Also, five years ago, all penthouses in new buildings were sold without finishing, but now developers invite the world’s best designers to create unique interiors and fully finish the newest penthouses.”
However, it must naturally be appreciated that owning a penthouse doesn’t come without its additional costs and possible time delay if you decide to sell. Maria Kotova, Head of Residential, Gorn Development, comments, “The penthouse is an illiquid asset with an average exposure period of typically two times higher than an apartment. The cost of utility bills is also significantly higher than for apartments in the same building as the useful area can be 50% or even lower of the total area. If you imagine a penthouse with a huge terrace in the Russian climate, it immediately becomes clear that owning a penthouse is a real luxury.”
While penthouses are considered as elite real estate around the world, there are offers with an available entrance threshold in the modern market. Lesoberezhny Eco-City in Moscow developed by Urban Group is a prime example. The company’s Head of Communications and PR, Yana Maksimova, says, “This market segment continues to develop. However, the modern market dictates new requirements. The main share of buyers of penthouses is still made by Moscow and regional businessmen as well as top managers. Such housing is, as a rule, bought for families with children thanks to special requirements imposed to privacy and safety. This gives the chance to protect their personal life from public eyes.”
