Record Sales in 2023: Regional Expansion Underpins Strong Double-digit Growth

16 January 2024

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces its unaudited operating results for the fourth quarter and twelve months ended 31 December 2023, based on management accounts.

FY 2023 operating highlights:

  • New contract sales increased by 87% year-on-year to 547.2 ths sqm
  • The value of new contract sales increased by 80% year-on-year to RUB 106 billion
  • Sales at projects in regional markets increased 274% year-on-year to 188.4 ths sqm, while the value of new contract sales in the same markets increased 339% to RUB 24 billion
  • Projects in regional markets accounted for 34% of sales in terms of floor space and 23% of sales in monetary terms
  • Cash collections increased by 36% to RUB 82 billion
  • The average price per sqm was RUB 192.9 thousand, and the average price per sqm of residential property was RUB 232.7 thousand

FY 2023 operating results:

 20222023Change, %
New contract sales, sqm292,396547,23587%
Moscow and the Moscow region121,371210,65274%
St Petersburg120,619148,23223%
Other regions50,405188,350274%
New contract sales, RUB mln58,652105,56480%
Moscow and the Moscow region32,29658,06880%
St Petersburg20,94423,73913%
Other regions5,41223,756339%
Number of contracts6,45711,68981%
Moscow and the Moscow region2,6454,26961%
St Petersburg2,6093,45632%
Other regions1,2033,964230%
Cash collections, RUB mln60,38682,10836%
Moscow and the Moscow region31,50141,95433%
St Petersburg24,20620,423(16%)
Other regions4,67919,731322%
Average price, RUB/sqm200,591192,904(4%)
Moscow and the Moscow region266,096275,6594%
St Petersburg173,634160,149(8%)
Other regions107,369126,12917%
Average price (apartments), RUB/sqm261,721232,675(11%)
Moscow and the Moscow region344,131347,8031%
St Petersburg250,674245,578(2%)
Other regions119,428129,5748%

4Q 2023 operating highlights:

  • New contract sales increased 152% year-on-year to 206.6 ths sqm
  • In monetary terms, new contract sales increased 152% to RUB 40 billion
  • Sales at projects in regional markets increased 161% to 72.7 ths sqm; the value of new contract sales in the same markets rose 211% to RUB 10 billion
  • Projects in regional markets accounted for 35% of sales in terms of floor space and 25% of sales in monetary terms
  • Cash collections increased by 76% to RUB 29 billion
  • The average price per sqm was RUB 195.5 thousand, while the average price per sqm of residential property increased by 5% to RUB 250 thousand

4Q 2023 operating results:

 4Q 20224Q 2023Change, %
New contract sales, sqm81,934206,617152%
Moscow and the Moscow region28,49379,231178%
St Petersburg25,53454,667114%
Other regions27,90772,720161%
New contract sales, RUB mln16,00440,392152%
Moscow and the Moscow region7,68322,411192%
St Petersburg5,0397,76154%
Other regions3,28210,221211%
Number of contracts1,7704,526156%
Moscow and the Moscow region6181,607160%
St Petersburg5331,396162%
Other regions6191,523146%
Cash collections, RUB mln16,57929,21476%
Moscow and the Moscow region7,68715,06896%
St Petersburg5,9216,3056%
Other regions2,9707,841164%
Average price, RUB/sqm195,324195,4930%
Moscow and the Moscow region269,655282,8565%
St Petersburg197,335141,961(28%)
Other regions117,593140,55020%
Average price (apartments), RUB/sqm229,297240,9525%
Moscow and the Moscow region328,379361,37010%
St Petersburg261,911241,931(8%)
Other regions123,573143,60816%

Quarterly operating results:

 4Q 20221Q 20232Q 20233Q 20234Q 2023
New contract sales, sqm81,93473,633110,635156,295206,617
New contract sales, RUB mln16,00413,43620,56631,16940,392
Number of contracts1,7701,5552,2653,3434,526
Cash collections, RUB mln16,57912,00116,20924,68429,214
Average price, RUB/sqm195,324182,478185,892199,424195,493
Average price (apartments), RUB/sqm229,297219,541223,389234,170240,952
Share of mortgages (total)58%47%50%49%51%
Share of mortgages (apartments)79%70%71%72%77%

Commenting on the Company’s operating results in 4Q and FY 2023, Etalon Group CEO Gennadiy Shcherbina said:

“Last year was the best year in the Company’s history in terms of sales. New contract sales for the year amounted to RUB 106 billion, which was an 80% increase from 2022 and a 25% increase from 2021. Sales were especially robust from October to December: the last quarter was the strongest in our history when it comes to sales, both in terms of floor space and in monetary terms.

“The main reason for our rapid growth in 2023 was the expansion of our regional operations. We put new space on the market at nine regional projects during the year, resulting in a nearly fourfold increase in sales in regional markets, accounting for 35% of our total property sales, while prices rose 16% by the end of the year.

“Despite an increase in the key rate, we see excellent potential for further growth this year: an increase in market mortgage rates will encourage buyers to purchase property in the primary market, and, with the continuation of preferential mortgage programmes in regional markets, we will be able to count on stable demand in those cities where we are increasing our supply. Further expansion into new regions will help us reach more customers. At the same time, there is unmet demand for quality affordable housing in regional markets, and we believe that our experience and competencies when it comes to building a project portfolio with extensive regional diversification gives us an advantage over players that are new to these markets.”

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328




About Etalon Group


Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 9.0 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 5,800 people, and its nationwide sales network covers 35 regions of Russia.

Etalon Group’s assets comprise 38 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.4 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2022 was RUB 288 billion.

In 2023, Etalon Group’s new contract sales totalled 547 ths sqm, or RUB 105.6 billion.

The Company’s revenue in 2022 amounted to RUB 80.6 billion, with EBITDA of RUB 16.5 billion.

Etalon Group’s GDRs were listed on the Main Market of the London Stock Exchange on 20 April 2011 and have been included in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN. In July 2023, the Company completed the process of changing the basis for its listing on Moscow Exchange.