An increase in the key rate of the Central Bank and in bank rates on loans and mortgages has caused a rush of demand for new buildings from Russians. The increase in average housing prices in the primary market has become the most significant in the last year and a half.

The increase in new construction prices in September was the most significant since March 2022

According to the study “Cyan. According to analysts,” Kommersant quotes, the average cost of primary real estate in more than 16 million cities, in the Moscow and Leningrad regions, amounted to 152 thousand rubles per square meter in September. m, an increase of 3.6% in the last four weeks.

This is the steepest monthly increase since March 2022, when the average offer price increased by 5.5% compared to February.

According to estimates by the Etazhi real estate agency, the average cost of new construction in Russia currently amounts to 121.8 thousand rubles per square meter. m, in the month this figure increased by 1.1%. Etazhi sales director Sergei Zaitsev said that prices in September are affected not only by the real increase in costs, but also by a change in the structure of supply: the cheapest options are sold out first.

According to Avito Real Estate, the average budget for buying an apartment in a new building in Russia is currently 6.3 million rubles. A representative of the company stated that demand for primary real estate grew by 9.5% during the last month and 31.2% year-on-year.

Zaitsev cites the increase in the key rate as the main reason for the increase in demand: clients are trying to close a deal before September 20, when the minimum contribution for mortgage programs with state support will increase from 15 to 20%.

According to the expert, primary housing prices will not fall in the medium term. The cost of apartments is also affected by inflation risks and the volatility of construction material prices.

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Cyan.Analytics Director Alexey Popov expects that even with a decline in demand, nominal offer prices will continue to rise by inertia for another six to eight weeks.

Photo: Md. Golam Kibrial / Shutterstock


Akhmed Sadulayev

Source: RB

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