Developer Etalon cut quarterly sales by 61%

The developer Etalon Group in the II quarter of 2022 reduced sales by 61% year-on-year, to 9.638 billion rubles, the company said.

The volume of real estate sold fell by 57% to 55,036 thousand square meters. m.

According to the results of the first half of the year, the group’s sales decreased by 29% compared to the figure for the first half of 2021, to 29.319 billion rubles, the total volume of real estate sold decreased by 35%, to 143.475 thousand square meters. m. The average cost per square meter of residential real estate increased by 30%, to 291.3 thousand rubles.

In total, in the first half of this year, the company put into operation 235 thousand square meters. m. Net corporate debt as of June 30, 2022 amounted to 6.1 billion rubles.

„Despite the good dynamics of indicators at the beginning of the year, in the second quarter we observed a slowdown in sales amid rising rates and uncertainty in the market, as well as due to a limited supply of real estate,” Gennady Shcherbina, head of Etalon Group, commented through the press service. development of the current land bank, we plan to bring to the market about 700,000 sq. m by the end of the year, which, together with a reduction in the preferential mortgage rate, will ensure dynamic growth in indicators and compensate for the decrease in sales in the second quarter of 2022. The company intends to continue replenishment of the project portfolio in key regions of presence and in new markets, as well as take further steps to improve business efficiency so that our product is available to a larger number of consumers.”

Hannah Bentley

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