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KEYS Index is based on prices per sqm of the premium newly built residential properties in Moscow. Similar indices are being compiled at the moment for the residential countryside properties to be announced in the nearest future.
Knight Frank and IntermarkSavills’s analysts are calculating the index value based on the data received directly from developers. The methodology and its application have been checked and audited by an independent party – Ernst & Young.
KEYS Index values have been most recently calculated as of 31 December, 2010 and 31 March, 2011.
The value of the index on both dates is determined based on 22 projects offered on the primary market on each date where the developers have fully formed their selling prices as well as terms and conditions of sale. The sample selection for 31 December, 2010 includes approx. 900 flats with the total area of approx. 150 thousand sqm and the second value has been calculated using a sample of just over 800 flats with the total area of 140 thousand sqm equivalent to US$ 2.5 bln.
The index value totaled to the following figures:
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US$ 19,500 as of 31 December, 2010 |
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US$ 20,100 as of 31 March, 2011 |
Therefore, there has been a 3.1% increase over the Q1 2011.
Furthermore, IntermarkSavills and Knight Frank have developed 3 sub-indices to better reflect the prices for those properties at different stages of construction:
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Newly built premium residential properties that have been commissioned; |
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Premium residential properties at above ground construction stage; |
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Premium residential properties at ground work construction stage. |
| Indices |
Q4 2010 |
Q1 2011 |
Change, QOQ |
| KEYS Index |
$19,500 |
$20,100 |
+ 3.1% |
| - commissioned properties |
$23,460 |
$24,630 |
+ 5.0% |
| - projects at above ground construction stage |
$15,930 |
$17,930 |
+ 12.6% |
| - projects at ground work construction stage |
$12,820 |
$15,210 |
+ 18.6% |
Maria Kotova, Partner, Executive Director Knight Frank Russia&CIS, comments: “This index is long overdue – it has always been the case that the buyers want to get the independent reliable information regarding any premium property they are purchasing. Thanks to KEYS Index we now have this dynamic indicator reflecting the current state market”.
Olga Arkhangelskaya, Partner, Director of Real Estate Services Group CIS Ernst&Young, comments: “On behalf of Ernst & Young I can confirm that, indeed, the importance of such an index cannot be underestimated and that it has appeared right on time. The prime newly built properties segment is now going to be more observable in terms of price movements with an introduction of this independent data”.
Dmitry Khalin, Managing Partner, IntermarkSavills, comments: “KEYS Index is not a pure abstraction but rather a tangible reality backed by the three reputable international companies. Such an index will make the Moscow premium market much more accessible and transparent for both buyers and investors, including foreign ones”.
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+7 (495) 981-0000
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