Commercial and warehouse real estate property in Tatarstan: rent and sale market in Q1 of 2024
Warehouses are declining
The demand for renting warehouses was 12% up in Tatarstan in the first quarter of 2024. At the same time, the supply of Tatarstan warehouses up for sale reduced by 18%. Also, the republic’s entrepreneurs showed 30% less interest in buying warehouses. Analysts of Avito. Realty told Realnoe Vremya that warehouse real estate property in Russia in general was showing anomalously low availability in commercial property, and Tatarstan is not an exception.
The average warehouse purchase cost is 49% down year-on-year and is 12.7 million rubles, while the average rent rate increased to 203,800 rubles.
As for shopping facilities available for rent, their number, in turn, rose by 2% in the last year. The analysts also noted a lower demand for shopping areas in this rent segment (-10%).
The average rent rate of shopping facilities in Tatarstan was 64,000 rubles in the first quarter of 2024, while the purchase reached 12 million million rubles (+20% year-on-year).
Commercial real estate property gaining popularity
The supply of commercial real estate in the region is 7% in comparison with the same period last year, noted head of Commercial Real Estate at Avito Oleg Izotov.
The average rent rate is up and totals 90,000 rubles — it is 28% more than a year earlier.
The average commercial realty purchase price in Tatarstan in the first quarter of 2024 was 15.5 million rubles, which is 19% above last year’s level.
Analysts note that sale of production facilities is the most expensive category.
- So one facility cost 54.5 million rubles. In price dynamics, this segment demonstrated 173% growth. However, demand and supply in this segment dropped by 7% and 12% respectively.
- At the same time, offices are the cheapest in sales with 8.5 million rubles. Supply dynamics is 10% down, the demand reduced by 5%, while price dynamics sank by 12%.
It should be reminded that the hotel business in Kazan continues demonstrating some growth, which is related to higher tourist traffic. Tourist flow in Kazan in 2023 topped 4 million people. In particular, hotel supply is 82% higher, while the cost of sale of a hotel facility on average decreased by 44%, to 19,700,000 rubles.
Tatarstan