How to Buy an Apartment at a 10–20% Discount: Assignment of Rights in Premium New Developments in Moscow
What is an assignment of rights (claim assignment) in new-build properties
An assignment of rights (also known as a cession agreement or assignment contract) is a transaction in which the original equity holder transfers their rights and obligations under a shared-equity construction agreement (DDA) to a new buyer before the building is commissioned and completed. After the assignment is registered with Rosreestr, the buyer becomes the new equity participant. Once the building is completed, the buyer receives the keys directly. The developer remains responsible for construction quality, completion deadlines, and warranty obligations, just as in a direct purchase from the developer.
Why the best apartments are sold before public sales open
The “sales launch” in Moscow’s premium segment does not mean an open-door release for everyone. By that date, a select group of buyers has already entered the project. The first 10–20% of units are typically sold during a closed club stage, where access is granted to brokers from partner agencies with established relationships with developers, long-term developer clients, and private investors specializing in premium real estate.
An investor is not buying a home for personal use but an asset expected to be easily resold in two to three years. The selection criteria depend on the project, but most often include high-floor units with strong views and efficient, liquid layouts.
Developers allow this closed early-access stage for the first 10–15% of inventory as a form of recognition for trusted partners and clients who share the developer’s values, effectively turning the launch of a premium project into a privilege.
At the same time, there is an important financial rationale from the developer’s side. At the excavation stage, developers require working capital and are therefore willing to convert future margin into current liquidity. Early sales help complete the project’s financial model, increase escrow inflows to the level required for bank financing activation, and consequently reduce the developer’s loan interest rate.
Where the 10–20% discount comes from compared to developer prices
The difference is driven by timing and differing seller motivations.
Example: A premium project apartment of 120 m² on a high 22nd floor corner unit with waterfront views. An investor enters in 2023 at an early-stage price of RUB 1.2 million per m². Total budget: RUB 144 million.
Approximately six months before completion (early 2026), a comparable unit from the developer is priced at RUB 1.9 million per m². The official sales price for a similar apartment is RUB 228 million.
The investor exits at RUB 1.6 million per m², meaning a resale price of RUB 192 million. As a result, the buyer saves RUB 36 million compared to purchasing directly from the developer — a 16% discount. The investor earns RUB 48 million over 2.5 years, approximately 33% total return (excluding taxes).
Why is the investor willing to sell at a discount instead of waiting for completion? This depends on individual strategy and circumstances, but the main reasons are:
-Profit realization and risk reduction: any property under construction carries completion risk. Professional investors often prefer to lock in slightly lower but secured returns rather than wait for maximum upside.
-Capital rotation: investors often hold multiple projects simultaneously, and every month of delay reduces the ability to reinvest into new early-stage opportunities. Fast capital turnover is a key part of the strategy.
Typical discount ranges for investor assignments are 12–17% versus current developer pricing. In some cases, it can reach up to 25%, depending on conditions. In rare situations, assignment prices may exceed developer pricing when dealing with scarce units (e.g., unique duplex penthouses no longer available in the developer’s inventory but still in demand).
What the buyer actually gets
Several advantages that are either unavailable or significantly weaker in direct developer purchases:
-A discount to current developer pricing — typically 10–20% at the time of transaction. For a RUB 200 million apartment, this may translate into RUB 20–40 million in savings.
-Access to better units. Often this is even more important than the discount itself, as these are typically top-selected units chosen by professional investors at project launch: better floors, views, layouts, and orientations.
-Legal transparency. Assignment agreements under Federal Law 214-FL are a well-established and regulated instrument. Transactions are officially registered with Rosreestr, rights are transferred legally, and funds are secured via escrow accounts.
Conclusions
A direct purchase from a developer remains the primary route into premium real estate. For a significant share of buyers, it is still the optimal option. However, the assumption that a developer’s sales office is the only entry point into a premium project does not reflect how the market actually works.
In reality, the most liquid units are often sold during the early closed “club” phase to private investors, and part of this inventory later returns to the market via assignment sales, typically at a 10–20% discount to the current developer price, through off-market brokerage channels, and with unit characteristics that are no longer available in open sales.
The term “closed database” may sound somewhat abstract, but in practice it refers to stable, long-term relationships between brokerage agencies and a pool of private investors. The more extensive and mature this network is within a premium real estate agency, the higher the likelihood that the right unit for a specific client request will be available at the right moment.
Ashtons International Realty works with a premium investor network in Moscow’s high-end real estate segment. This network forms a curated pool of off-market offerings that do not appear on public aggregators but are available through our private inventory.
