In Saint Petersburg, total investment in existing assets and development land totaled RUB 186 billion, which is 72% more than in 2022 and 18% more than in 2021.

Investments in existing assets have significantly increased their share in the total amount since 2021 from 17% to 42% and broken a record for the entire history of the market, standing at RUB 79 billion. Most of the investment in existing assets (70%) was generated by a number of major transactions with assets of foreign companies (including portfolio acquisitions).

For investors from Russia and friendly countries, the change in the geopolitical situation and the massive exodus of foreign companies from the Russian market provided an opportunity to add high-quality properties to their portfolios.

The reduction of institutional-quality assets on sale, as well as the persistently high cost of debt financing after a surge of the Central Bank's key rate will be restricting factors for the commercial real estate investment market in 2024, which restrains opportunities both for investment in finished projects and for new development unless the project financing rates are subsidized.